ON-Lion Letter

In February, President Barack Obama released his final federal budget, laying out his priorities and proposals for fiscal-year 2017 and years to come.

The budget "includes sufficient revenue and spending cuts to pay for his new initiatives and reduce projected deficits," according to an analysis of it by the Committee for a Responsible Federal Budget (CRFB) in Washington, D.C.

"Unfortunately, the President's budget does not go far enough in terms of actually reducing the debt from its current record-high levels, nor does if sufficiently address the long-term growth of entitlement spending, particularly Social Security," the CRFB analysis finds.

"[H]igh debt levels are likely to slow the growth of wages, increase cost-of-living, and leave the government less prepared to react to future needs or crises," it continues.  "Failure to address Social Security, in particular, will leave the program unable to pay full benefits as soon as 2029, when today’s newest retirees are reaching age 75 and today’s 54 year-olds are retiring at 67."

The Lynde and Harry Bradley Foundation in Milwaukee substantially supports CRFB, one of three co-chairmen of which is Bradley Prize recipient Mitch Daniels.  The other two co-chairman are Leon Panetta and Tim Penny.

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