Are We There Yet?: On a Path to Closing America's Long-Run Deficit

19 Pages Posted: 6 Oct 2012 Last revised: 23 Oct 2012

See all articles by David Kamin

David Kamin

New York University School of Law

Date Written: October 1, 2012

Abstract

Many decry the fact that policymakers are nowhere close to addressing the long-term fiscal shortfall and as evidence they point to the Congressional Budget Office’s projection of enormous long-term deficits under current policy. This report contends that the minimum deficit reduction incorporated in leading progressive and conservative budgets can put us on a path toward closing the long-term deficit. A significant gap would remain even if consensus were fully realized. However, this report describes a plausible path for further cutting the long-term deficit, as well as important revenue and spending backstops. Finally, it explains that while the country can and should try to reach a fiscally sustainable path, because of the uncertainty surrounding many of those reforms — especially the restructuring of the healthcare system — we cannot expect an immediate solution.

Keywords: federal deficit, budget, tax, spending

JEL Classification: E62

Suggested Citation

Kamin, David, Are We There Yet?: On a Path to Closing America's Long-Run Deficit (October 1, 2012). Tax Notes, Vol. 137, No. 1, 2012, NYU School of Law, Public Law Research Paper No. 12-57, NYU Law and Economics Research Paper No. 12-36, Available at SSRN: https://ssrn.com/abstract=2157688

David Kamin (Contact Author)

New York University School of Law ( email )

40 Washington Square South
New York, NY 10012-1099
United States

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