Fiscal Responsibility and Reform

Testimony

Fiscal Responsibility and Reform

Statement of Robert D. Reischauer to the National Commission on Fiscal Responsibility and Reform
April 27, 2010

Abstract

Urban Institute President Robert Reischauer advises the National Commission on Fiscal Responsibility and Reform: "First, don't waste time looking for silver bullets or new approaches that hold out the promise of painless sacrifice. There are none to be found." Instead, he recommends mining wisdom from government agencies and think tanks to forge a long-term plan. The catch, he says, will be finding the political will to enact the sacrifices required across all sectors of society. Reischauer's ultimate caveat is that spending cuts and tax increases must be viewed by the electorate as credible and effective.

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