Deficit Reduction

AFA members, Congressional staff members, civic leaders, and DOCA members, the subject of deficit reduction is a tough one to write about. Our current deficit this past year was $1.4 trillion. To put that in perspective, the total amount of personal income tax that is collected each year amounts to approximately $1 trillion. Thus to close the gap, it will take extraordinary measures – ones that will hard politically and will incite our citizens.

As you know, President Obama formed a bi-partisan National Commission on Fiscal Responsibility and Reform. This commission is headed by Erskine Bowles and Alan Simpson. You can find its membership here: http://www.fiscalcommission.gov/members

On Wed, 10 Nov a draft briefing and paper were released by the two co-chairmen. The steps it recommends – including cutting the defense budget by $100B, as well as many domestic discretionary steps will be very controversial. Take some time to go through this briefing carefully. I believe it shows the depth of the challenges facing us as a nation. You can find this briefing here: http://www.fiscalcommission.gov/sites/fiscalcommission.gov/files/documents/CoChair_Draft.pdf

Additionally, a draft paper helps to point out more details than just the briefing. You can find the paper here: http://www.fiscalcommission.gov/sites/fiscalcommission.gov/files/documents/Illustrative_List_11.10.2010.pdf

I must point out that these documents are still in draft … and there will be much dialogue before any or all of these recommendations are accepted and turned into law.

For your consideration.

Mike
Michael M. Dunn
President/CEO
Air Force Association