Federal Debt Will Eventually Lower American Standard Of Living, Says New Report By Budget Reform Commission

Tuesday, February 16, 2010 at 4:24PM
Talk Radio News Service (Admin) in News/Commentary

By Antonia Aguilar - University of New Mexico/Talk Radio News Service

A new report by the Peterson-Pew Commission on Budget Reform finds that the U.S. could suffer major economic setbacks if the growth of the U.S. debt is not stalled.

“An ever-growing debt would likely hurt the American standard of living by fueling inflation, forcing up interest rates, dampening wages, slowing economic growth and job creation, and shrinking the government’s ability to cut taxes, invest, or provide a safety net,” the report states.

The report was discussed during a forum Tuesday with the Commission and the New America foundation.

Suggested solutions submitted by the Peterson-Pew Commission include a establishing commitment by Congress and the White House toward the development of new financial policies and a detailed fiscal plan to stabilize the debt by 2018 by reducing it over the longer term.

Article originally appeared on Talk Radio News Service: News, Politics, Media (http://www.talkradionews.com/).