With the fortunes of Wall Street effecting the quality of life for more and more future retirees, Congress needs to concern itself with how our growing debt and our willingness to make tough choices will affect Wall Street. Nothing the Congress can do would have a more positive effect on Wall Street and, in turn, the stability of our retirement savings than passing the balanced budget amendment and balancing the budget. More than 250 economists share this view. If my colleagues are concerned with the financial security of current and future older Americans, they will refrain from the wedge politics of Medicare and social security cuts and, instead, support the balanced budget. The fact is that every political incentive in this town is to spend now and let the next guy worry about paying the bill.
Fiscal accountability is the enemy of big government.
I look forward to the debate on this important measure, and I look forward to more fully explaining why I think that only a structural change in our basic charter can restore the fiscal responsibility we seem to have lost over the three or so decades.