House Budget Committee Chairman Tom Price, M.D. (GA-06) issued the following statement today after the Congressional Budget Office (CBO) released its latest Long-Term Budget Outlook showing the national debt climbing to 141 percent of GDP by 2046, with real economic growth remaining at a depressed 2.1 percent on average over the next 30 years, and Medicare and Social Security facing insolvency.
"One wonders how anyone can look at this report and not feel compelled to take action. We have no choice. The Congressional Budget Office is sending yet another wake-up call, and policymakers better listen. 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.
"The good news is that we can enact policies that ensure a more responsible fiscal outlook. A balanced budget would help deliver greater economic growth. We can protect current seniors and tomorrow's retirees from insolvent Medicare and Social Security programs. We can do all this while embracing policies that support a healthier and more vibrant economy."
The House Budget Committee will hold a hearing tomorrow, as part of its Restoring the Trust for All Generations initiative which was begun last year to raise awareness about the fiscal and policy challenges inherent in the nation's health, retirement, and economic security programs. Wednesday's hearing will focus on Americans at or near retirement and the need to save, strengthen and secure Medicare and Social Security for the future.