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The Obama Fiscal Challenges Essay

1089 words - 5 pages

During president Obama’s first term presidency, he created the bipartisan national commission on the fiscal responsibility and reform to address out nations fiscal challenges. The duty of the commission is to identify policies that will improve the fiscal situation in short term and sustaining it over long run.
The commission is designed to balance the budget issue, including changes to the growth of entitlement spending and the gap between the projected revenues and expenditures of the United States government. The commission held meeting once a month, it will vote on a final report containing a set of recommendations on December 1, 2010. Commission’s work has never been fully embraced by the president or congress. The commission did provide us with some insight to the fiscal issues United States faces, buts its recommendations that they provided us are still under consideration toady. The commission on fiscal responsibility and reform is run by two co-chairman, Alan Simpson and Erskine Bowles, along with eighteen members.
Alan Simpson, he was a republican senator from Wyoming. He is a conservative and an opponent of government regulations, he also outspoken advocate for abortion, gay and lesbian rights and equality for all persons regardless of race, color, gender, and sexual orientation. Senator Simpson severed the Republican Party in 1985 to 1995, chairman of veterans’ affairs committee from 1981-1987 and 1995-1997, after he was retired from politics he taught at Harvard University and severed as director of the institute of politics, later he moved back to Wyoming severs as co-chairman of Americans for Campaign Reform, which is the political effort to change money involved in politics (biography.com).
On the other hand Co-chairman Erskine Bowles, severed as president of university of North Carolina, he holds eight honorary doctorates throughout America. Bowles is also a businessman who stated multiple companies in United States. In 1993 Bowles was appointed by the President Bill Clinton to serve as director of the Small Business Administration, he was later promoted to White House Chief of Staff from 1994-1998. While he was the chief of staff he negotiate the first balanced budget in a generation, guide domestic and foreign policies (WSJ). Both candidate have almost dedicated most of their entire life to public services and both candidate are well qualified for the co-chairman of the commission.
After looking over The National Commission on Fiscal Responsibility and Reform: The Moment of Truth. I think one of biggest reason why the reform was never embraced by the federal government is because I think the reform is too board. I do like the idea that I could eventually reduce our nation’s deficit by 4 trillion dollars by 2020. Stabilized debt by 2014 and reduce debt to 60% of GDP by 2023 and 40% by 2035, ensuring lasting social security, reduce elderly poverty and distribute the burden fairly (The Moment of Truth). I feel like distribute...

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