The ultimate fix of the U.S. fiscal imbalance will occur somewhere between two poles.
One of the fundamental causes of our fiscal imbalance is the significant growth in health care spending.
FORBES: Merck CEO: Health Care Beyond the Fiscal Cliff Requires Structural Changes
Every economist in the known world agrees that this fiscal imbalance is not sustainable over the long run.
"Now the conversation turns to cutting spending on the government programmes that are the real source of the nation's fiscal imbalance, " he wrote on the Yahoo!
But, solving the long-term fiscal imbalance also requires more revenues.
FORBES: After Two Years Of Keynesian Stimulus, The Growth Deficit
"While the budget resolution takes important steps in the near-term of cutting the deficit in half by 2012 and by two-thirds by 2014, it is clear that more will be needed to address the long-term fiscal imbalance confronting the nation beyond the five-year budget window, " said Conrad.
CNN: Budget resolution 'a major accomplishment,' negotiators say
To get the rest of the way there will require a bipartisan process, which is why we are calling for a bipartisan fiscal commission tasked not only with addressing our long-term fiscal imbalance, but also producing plans that will balance the budget, excluding interest payments on the debt, by 2015.
Some 600 cases were shipped from one site to the other to balance inventory in fiscal year 2012, and the IRS promises to monitor any imbalance quarterly going forward.
Moreover, if the governor decides in the course of the fiscal year that projected spending will exceed projected revenues, and if the legislature fails to correct the imbalance within 45 days, he will have the right to cut spending where and when he wants to.
As we debate how to step back from the fiscal cliff, it is imperative that we use this moment to address the long-term structural causes of the imbalance between revenues and spending.
FORBES: Merck CEO: Health Care Beyond the Fiscal Cliff Requires Structural Changes
应用推荐