Where Would We Be If the Fiscal Commission's Recommendations Had Been Enacted?
If the recommendations of the National Commission on Fiscal Responsibility and Reform (Fiscal Commission) had been adopted one year ago on December 1, 2010, the U.S. would:
- Be on a path to stabilizing the debt by 2014, reducing it to 60% of GDP by 2023 and 40% by 2035.
- Have put into place policies to cut the deficit by nearly $4 trillion through 2020, more than any effort in the nation's history.
- Have avoided a downgrade by any ratings agency.
- Be enjoying sharply reduced individual marginal tax rates with a top rate equal to that achieved under President Reagan.
- Have dramatically cut backdoor spending in the tax code while increasing revenues.
- Have reformed and reduced the corporate tax code to ensure America is the best place to start a business and create jobs.
- Have instituted reforms to ensure lasting Social Security solvency and prevent the projected 22% in cuts to come in 2037, and reduce elderly poverty.
- Be able to avoid arbitrary across-the-board cuts in defense and domestic investments such as education and infrastructure.
- Be in the process of cutting tens of billions in government waste and inefficiency.
- Ended the highly-partisan, and fruitless debate over extending the Bush-Era tax cuts.
- Have protected and strengthened programs that serve the disadvantaged.
- Be putting its fiscal house in order and ensuring the long-term health of the economy.