This time last year, Washington’s AAA credit rating was downgraded, as Congress held hostage an agreement on a debt ceiling increase while looking for a long-term debt reduction plan. A year later, not much has changed.
Congress is no closer to reaching consensus on reining in our nation’s debt. The Bi-Partisan Tax Commission laid out the harsh reality: Closing the deficit would require both tax increases and cuts to key programs like Social Security.
See the full post at Politico Opinion
John M. Reilly is co-director for the Joint Program on the Science and Policy of Global Change at the Massachusetts Institute of Technology and a senior lecturer at MIT’s Sloan School of Management. Sebastian Rausch is an assistant professor of energy economics at ETH Zurich and contributes to research at the Joint Program on the Science and Policy of Global Change at MIT.