Demos, EPI and The Century Foundation have produced a budget blueprint for economic recovery and fiscal responsibility. The blueprint prioritizes a strong economic recovery because widespread job creation and robust economic growth are essential to successful deficit reduction. Investing in America’s Future is a project of Demos, EPI and The Century Foundation. More information is available on the project’s homepage at www.ourfiscalsecurity.org.
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Executive Summary
The full Executive Summary is available in the PDF above or as a separate PDF here.
Today, the United States faces grave economic problems. Some arose from the recession that began in 2007. Others are part of a long-term trend toward inequality and insecurity that pre-dated the immediate crisis. Currently, nearly one in 10 workers is unemployed. Millions of families that have jobs have exhausted their savings and are living paycheck to paycheck. Worried about job security and incomes, families have cut back on spending, putting further downward pressure on the economic recovery. Even very low interest rates have not induced banks to lend or businesses to invest because of a lack of overall demand.
In this context, the country is having a serious national debate about the best path to restore economic growth and shared prosperity – and the relationship of that core economic challenge to the need for better fiscal balance. The issues include the timing and composition of spending and taxing decisions. If we choose the right path, we can accelerate recovery. But the wrong approach could deepen the slump, inflict more economic pain on families, and make it more difficult to restore fiscal balance.
The federal budget is more than a bunch of numbers in a ledger in an office in Washington D.C. The federal budget represents one of the most concrete and measurable embodiments of the nation’s values and priorities. As a nation, the American people value hard work and responsibility. We know that we must all work hard to succeed, and we trust that our fellow citizens – our family and friends, our neighbors, and communities – will do so as well. We ask much of each other: that we be informed voters, that we are responsible consumers and business leaders, and that we pay our fair share of taxes. It is all part of the nation’s social compact. Budgetary decisions help to secure that social compact: they can offer solutions to national problems, create economic security for those in need, and expand opportunities for millions.
