America's finances face massive challenges from rising entitlement costs. New legislation introduced by Representatives Jim Cooper (D-Tenn.) and Frank Wolf (R-Va.) seeks to create a bipartisan commission to correct our long-term fiscal challenges. The recession puts additional strain on entitlements as unemployment decreases revenues and more people claim benefits. The recession could cause Social Security to begin running deficits as early as 2011, years sooner than the previously projected date of 2017. The bill, Securing America's Future Economy Commission Act (SAFE), which has cosponsors on both sides of the aisle, would require Congress to vote up or down on each recommendation of the bipartisan committee rather than passing on issues.
At this event, Representatives Cooper and Wolf will outline SAFE's ability to improve America's finances. Henry Aaron of the Brookings Institution; AEI's Andrew G. Biggs; and Chuck Blahous, the executive director of President George W. Bush's Social Security Commission, will discuss the SAFE plan. AEI's Kevin A. Hassett will moderate.
Adam Paul
American Enterprise Institute
1150 Seventeenth St., NW
Washington, DC 20036
Phone: 202-862-5807
Veronique Rodman
American Enterprise Institute
1150 Seventeenth Street, N.W.
Washington, DC 20036
Phone: 202-862-4870
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