To correct these problems and prevent further deterioration, a wise path forward would have to include important changes. To start, our governments need satutory budget controls that eliminate deficit spending. We simply must spend less. Second, all spending iteams need to be part of the fiscal budget process.
This is an especially painful problem in the United States, where costly war efforts don't even show up on a federal budget that is already more than $1 trillion overspent. Perhaps the most difficult solution involves reforming existing entitlement programs or considering new ones.
Aging populations and declining birth-rates make real reform in this area necessary and inevitable. Complicating the challenge is not just agreeing on such difficult decisions, but implementing them within a reasonable period of time.
We can help make that happen by supporting leaders and policymakers who focus on fiscal discipline, smaller government and economic freedom!