Marc Goldwein

On October 28th, 1997, House Speaker Newt Gingrich and President Bill Clinton held a secret meeting where they reached a groundbreaking deal to create a centrist political coalition to reform Social Security and Medicare. Although the Lewinsky scandal ultimately undermined their agreement, the efforts of these men, and others in Congress, might serve as a model for members of both parties interested in addressing the long-term shortfalls in the nation's entitlement programs. Steven Gillon will discuss the details of… more

The United States faces serious fiscal challenges. Large budget deficits have returned, and shifting demographics along with growing health care costs are putting intense pressure on the long-term federal budget outlook. Over time, sustained deficits will weaken the economy and adversely affect the American standard of living.

After a two-year hiatus, Social Security has made its way back onto the political stage. Both presidential candidates, recognizing that the program is insolvent over the long-run, are claiming that they will confront the system’s $4 trillion long-term shortfall. Senator Barack Obama has made a specific proposal to finance part of the shortfall through a tax on people making over $250,000 a year, while Senator McCain has pledged that he’ll "fight to save the future of Social Security” and “won't leave office without doing everything [he] can… more

The United States faces a number of serious fiscal challenges. Budget deficits are back, the economy has weakened, Social Security is unsound, growing health care spending is putting immense pressure on the budget, tax policy is at a major crossroads, and borrowing is projected to reach unsustainable levels. Politicians will have to take concrete steps to confront these challenges, and some level of sacrifice will be required. The sooner decisions are made, the better-both because it will give the public… more