Brookings Institution
q:
American children are facing an uncertain economic future. Rising spending for health and retirement benefits for an aging population, combined with falling tax revenues after several rounds of tax cuts, have led to a fiscal crisis. If the current generation fails to take on the responsibility for balancing the budget, future generations will pay the cost—plus interest—of paying off the debt and addressing unfunded financial commitments. Balancing the budget will require a combination of reductions in entitlement spending, reforms in defense and other discretionary spending, and increases in revenues. While the major focus of a responsible, future-oriented budget plan should be deficit reduction, a good budget strategy also needs to make targeted investments in programs that will improve America’s future economic well-being. Chief among these is effective investments in children to ensure they have the skills to become tomorrow’s adult workers, caregivers, taxpayers, and citizens.
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