10 Budget Reforms Millennials Can Get Behind
Romina BocciaAs federal debt continues to rise, younger generations will bear the brunt of today ’s irresponsible deficit spending. Not all millennials are passive bystanders as Congress seals their fate. The Millennial Debt Foundation (MDF) recently released10 recommendations to address the U.S. debt challenge over the next 30 years.Founded in 2019 with the support ofthe late Senator Tom Coburn, MD, the Foundation convened millennial business leaders and members of Congress to devise a plan to reduce the growth in the federal debt. I am pleased to serve the organization as a senior advisor.The latest Congressional Budget Office long-term outlook projects that debt will rise to an unprecedented 185 percent of gross domestic product (GDP) by 205. Under the MDF proposal, debt would rise just shy of 129 percent of GDP. While a significant improvement to doing nothing, the fact that debt would still rise to such alarming levels demonstrates the severity of the U.S. fiscal challenge. Delay is making it even worse.As the House Budget Committee, under the chairmanship of Jody Arrington (R-TX), prepares its budget proposal over the next few weeks, they should seriously consider adopting some if not all the MDF ’s recommendations. Here are the MDF’s 10 proposals:Increase federal benefits to keep pace with inflation by using a more accurate and modern cost-of-living measure: $200 billion in savings over 10 yearsUse the Chained CPI measure of inflation to calculate cost-of-living ...
Source: Cato-at-liberty - Category: American Health Authors: Romina Boccia Source Type: blogs
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