Price and Perdue Voice Concerns Over CBO Projections

This week, the Congressional Budget Office released its 2016 Long-Term Budget Outlook showing the national debt rising to 141 percent of the U.S.A.’s GDP by the year 2046 as well as Medicare and Social Security facing an increased threat of insolvency. Unsurprisingly, the CBO’s bleak predictions have left many in Congress concerned over the nation’s fiscal stability, including Georgia’s own Rep. Tom Price, chairman of the House Budget Committee, and Senator David Perdue who sits on the budget committee Senate-side.

In statements obtained from both of their offices, Price and Perdue vocalized their serious concerns with the state of the United States’ economy. Decrying the financial burden at stake for future generations, Price had this to say:

“These debt projections portend a horrible fiscal legacy that is being left to our kids and grandkids with a correspondingly weak economic growth outlook that will mean less opportunity for our nation and its citizens in the years to come.”

Senator Perdue cited a reining-in of spending as a potential step towards solving fiscal instability, explaining that mandatory spending can play a huge role in increasing the debt throughout the next decade. Both members of the Georgia delegation called for a reform to the budgeting process with Price making the argument for a balanced budget and Perdue asserting that the debt cannot be attended to without first fixing the nation’s budgeting methods; however, Perdue still believes that solving the budget process is only one of many steps that are necessary, saying:

“Fixing the budget process alone will not solve the debt crisis…In addition, we have to face up to the reality that the Social Security and Medicare trust funds go to zero in less than 15 years. We have to save Social Security and Medicare. Growing the economy and arresting the spiraling nature of our health care costs are also necessary to save these programs and rein in this out of control debt.”

You can view the full text of Price’s statement here and Perdue’s statement here.

 

13
Leave a Reply

Please Login to comment
8 Comment threads
5 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
10 Comment authors
Dave BearsegcpNoway2016SaltycrackerMattMD_actual Recent comment authors
  Subscribe  
newest oldest most voted
Notify of
John Konop
John Konop

Time to put aside the politics and solve this problem!

Lady T
Lady T

It would be nice if their fellow Republicans in Congress would actually pass a budget.

Will Durant
Will Durant

First, quit spraying Hellfire missiles around the world. Their $110,000 cost doesn’t even leave a pockmark on the budget but the ultimate ramifications multiply by a thousandfold.

Perdue’s rants on the budget while urging an increase to defense spending are ludicrous.

John Konop
John Konop

As I said we need a real adult debate on this issue.

Dave Bearse
Dave Bearse

Closing a Georgia military base to increase the overall efficiency of military spending? No doubt Perdue thinks its a non-starter. Cuts will have to be made somewhere else and be borne by non-supporters.

Benevolus
Benevolus

They’re going to have to raise taxes. They can sunset it though. Once we’ve paid back all that’s been taken from SS then end the tax.

augusta52
augusta52

Allow younger workers, like those entering the workforce to decide whether to stay or go—if the latter, then they would be responsible for providing for their own retirement. If the system is as popular as people say it is, then most people will stay in. Amazing that some people think their SS taxes are saved for them up in DC, when the reality is that money is spent immediately on current retirees. Like the late Libertarian Harry Browne said one time, the system is like robbing Peter to pay Paul, then robbing Patty to pay Peter, and then finding somebody… Read more »

Benevolus
Benevolus

SS was developed BECAUSE people don’t save for retirement. They may think they will, but most don’t. We don’t need pictures of Grandma eating dog food all over again. Also, “that money is spent immediately on current retirees.” So what? Then when we get old somebody else’s money goes to us. As long as we always have people it should work fine. There should be a huge surplus in SS right now from all those Baby Boomers paying into it for all those years when there weren’t as many older people, but Congress stole that money and spent it. $2.7… Read more »

MattMD_actual
MattMD_actual

This study needs to know that nobody abbreviates the University of Georgia as “UG”: they are referred to as UGA or Georgia.

Or leg-humpers.

Saltycracker
Saltycracker

Raise taxes: That is for the compliant. The government does not have the will or ability to collect what is on the books today. It is a national pastime to beat the taxman and get something from the government. And a cornerstone of both parties for any chance of getting elected. We reward debt and clever tax avoidance while enjoying government largess.

Social security: it is an easy actuarial fix we can’t agree on, lots of options, bump the retirement age, collect with no ceiling, get IT proactive on disability fraud….

Noway2016
Noway2016

Retirement age should have been raised to 70 years ago. Raise it to 70 over the next ten years and be done with it.

gcp
gcp

And our two candidates offer no solution. Hilly wants to expand SS and Trumpet says there is no problem with SS. The candidates that wanted to fix SS are long gone.

augusta52
augusta52

Benevolous, with regard to my “contributions” being spent by current retirees, then what happens as the number of workers keeps diminishing? Sounds like a Ponzi scheme to me, which if you or I tried in the private sector, most likely we’d be in jumpsuits busting rocks on the side of the road, under some shotgun-wielding corrections officers…it is basically a way to buy votes; the more people you have in the system, the more difficult it is to make any changes. That is why Democrats don’t want means testing for affluent retirees; support for SS would be lessened if the… Read more »