Opinion: Seven steps the federal government can take to get fiscal house in order
The looming debt crisis has brought new urgency to getting the nation’s fiscal house in order. The latestwarns that the U.S. is on an “unsustainable” path, and if lawmakers fail to act soon, debt could “exceed 200 percent [of GDP] by 2046 and reach 566 percent by 2097.”
Getting back on a sustainable path will be no small feat, but lawmakers can improve their chances by separating the task into two parts: a short-term strategy and a long-term strategy. The long-term strategy isn’t easy, but it is straightforward: lawmakers need to reform Social Security, Medicare, and Medicaid—the biggest drivers of federal spending growth over the next 75 years.
In the meantime, there are seven reasonable, short-term steps lawmakers can take to reduce federal spending and improve government performance immediately.that in 2022, government agencies gave out nearly $250 billion in erroneous payments .
, the 12.5 percent royalty rate charged by the Bureau of Land Management is half the rate charged by many state and private landowners.Federal employees could shoulder a larger share of their health insurance and retirement benefits. Currently, the government pays a
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