Latest News
Peterson Foundation Weighs In on National Debt Escalation - Fox Business
Calling Social Security one of the “fastest-growing drivers of the annual U.S. budget deficit,” Peter G. Peterson Foundation CEO Michael A. Peterson argued in a Fox Business post yesterday for Congress to “…get at it” and solve the impending insolvency and stave off potential benefit cuts. His points, which you can view in the video accompanying the recap article by Fox Business Writer Eric Revell, focus on the deficit-spending problem plaguing the U.S. economy and the extraordinary level of interest payments needed to service the resulting debt.
Peterson’s argument for Congress to take Social Security’s looming disaster seriously is well-reasoned, although it unfortunately omits details on the history of the program’s finances and the mandated use of government securities as financial reserves. For more on that point check out this earlier post on this website.