National Commission on Fiscal Responsibility and Reform's co-chairs, Erskine Bowles and Alan Simpson, discuss the Commission's goals. Bowles points out, "the path we are on today is not sustainable." Simpson commented, "All groups know something is wrong. Members of Congress work to bring home the bacon. Now the pig is dead."
Simpson warned, "Everything you love (from government) won't be there. Because of the programs on autopilot (Social Security and Medicare)." He cautioned, "Running into debt isn't bad. It is running into creditors that is bad. If all of us are on the wagon, then who will be pulling." Bowles highlighted, "We must bring in more taxes. The arithmetic is clear. Everything is on the table."
Congressman Paul Ryan (R-WI), National Commission on Fiscal Responsibility and Reform, and Neera Tanden, Chief Operating Officer, Center for American Progress, discuss the Commission's goals. Congressman Ryan says the upcoming financial crisis is the "most predictable crisis in history".
President Bill Clinton answers Sheila's question. "Do you believe Congress would make different decisions, if they understood the true long term costs of legislation?"
(Left to Right) Gwen Ifill, moderator and Managing Editor PBS' "Washington", and Senior correspondent, "The NewsHour"; Alcie Givlin, Member, National Commission on Fiscal Responsibility and Reform; Lawrence Mishel, President, Economic Policy Institute; and Congressman Paul Rayn (R-Wi), Member, National Commission on Fiscal Responsibility and Reform. Rivlin said, "the Current tax system is inefficient. We have an efficient health system." Ryan said, "If we do this right, we will have a more prosperous country. Currently we are giving the next generation a lower standard of living." Mishel stated that Social Security doesn't have a problem for another thirty years. "We are in crisis now. People are out of work."
Peter G. Peterson interviews Robert Rubin, former Secretary of the Treasury.
Robert Rubin introduces President Bill Clinton. Rubin commented, "Clinton was an outstanding decision maker. He proved thoughtfulness and decisiveness can be be brought together. Clinton's policies contributed to the longest economic growth in history."
President Bill Clinton (interviewed by Bob Schieffer, "Face the Nation") commented that our fiscal position is a "sovereignty issue". He also said, "state budgets aren't balanced." He highlighted the issues the Institute for Truth in Accounting has been pointing out. These issues include state governments using accounting gimmicks to pretend their budgets are balanced when they are not. States are billions of dollars in debt.
President Bill Clinton answering Sheila's question. "If Congress knew the true long term costs of their decisions, do you think it would change their decisions?"
Before lunch at the Old Ebbit Grill, Sheila visits the U.S. Treasury Department.
Alexander Hamilton, first Treasury Secretary, watches over the U.S. Treasury Department.
