Restoring Fiscal Sanity: How to Balance the Budget [Paperback]

Alice M. Rivlin (Editor), Isabel Sawhill (Editor)

Book Description

Publication Date: April 2004 | Series: Restoring Fiscal Sanity

The United States is standing at a critical juncture in its fiscal outlook. After experiencing a brief period of budget surpluses at the turn of the century, the federal government will run deficits that add about $4 trillion to the national debt over the next decade. Substantial deficits will likely continue long into the future because the looming retirement of the baby boom generation will raise spending in Social Security, Medicare, and Medicaid. At the same time, the federal government appears to be neglecting spending in key areas of social and economic policy. The nation thus faces a vital choice: continue down a path toward future fiscal crisis while under investing in critical areas, or increase resources in high-priority areas while also reducing the overall budget deficit. This choice will materially affect Americans economic status and security in the immediate future as well as over long horizons. In "Restoring Fiscal Sanity," a group of Brookings scholars with high-level government experience provide an overview of the countrys likely medium- and long-term spending needs and the resources available to pay for them. They propose three alternative fiscal paths that are more responsible than the current path. One plan emphasizes spending cuts, the second emphasizes revenue increases, and a third is a balanced mix between the two. The contributors address the policy choices in such areas as defense, homeland security, international assistance, and programs targeted to the less advantaged, the elderly, and other domestic priorities. In the process, they provide an understanding of the short- and long-run trade offs and illustrate how the budget can be reshaped to achieve highpriority objectives in a fiscally responsible way.

Editorial Reviews

About the Author

Alice M. Rivlin is a senior fellow in the Economic Studies program at Brookings and is director of the Greater Washington Research Program. She served as the founding director of the Congressional Budget Office, director of the Office of Management and Budget, and vice chair of the Board of Governors of the Federal Reserve System.

Isabel Sawhill is vice president and director of the Economic Studies program at the Brookings Institution. She served as associate director of the Office of Management and Budget.

Product Details

• Paperback: 152 pages
• Publisher: Brookings Institution Press (April 2004)
• Language: English
• ISBN-10: 0815777817
• ISBN-13: 978-0815777816
• Product Dimensions: 9.1 x 6.1 x 0.4 inches
• Shipping Weight: 8.2 ounces (View shipping rates and policies)
• Average Customer Review: 5.0 out of 5 stars  See all reviews (1 customer review)
• Amazon Best Sellers Rank: #2,049,289 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

4 of 4 people found the following review helpful:

5.0 out of 5 stars A vital, well-researched and aptly presented compilation, August 8, 2004

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Midwest Book Review (Oregon, WI USA) - See all my reviews

This review is from: Restoring Fiscal Sanity: How to Balance the Budget (Paperback)

Restoring Fiscal Sanity: How To Balance The Budget is an anthology of essays by expert economists addressing the problems of managing America's finances in the grand scale. Essays address the issues of why growing deficits are too important to ignore, the sweeping impact of America's aging population, three viable alternative plans to get the budget to balance, and much more. A vital, well-researched and aptly presented compilation.