A fiscal commission can resolve America’s predictable fiscal decline, but only if it has the power to act. The CRFB explains that “[h]istorically, commissions have helped policymakers to extend the life of Social Security, consolidate military bases, identify government waste, develop frameworks for tax reform, improve homeland security after 9/11, and draw attention to our unsustainable fiscal outlook.” Time is running out for Congress to merely draw attention to America’s rapidly deteriorating fiscal state. We need action and soon.

Federal spending and deficits are at dangerously high levels, and interest costs on government borrowing are soaring. If spending is not restrained, we may face an economic crisis. Congress should cut spending, and one good reform target is the huge and fast‐growing Medicaid program.

On April 10, 2023, Congress terminated the three‐year‐long COVID-19 national emergency—one of the most expensive emergency declarations ever at more than $7 trillion in spending, as reported by the Committee for a Responsible Federal Budget and the Heritage Foundation. Whenever such emergency declarations occur, the president is required by law to submit spending reports to Congress. With respect to the COVID-19 spending, President Biden apparently has not done so.

The federal government’s debt is massive and growing rapidly. How massive? Federal debt held by the public of $28.5 trillion is eight times larger than the combined debt of all state and local governments of $3.3 trillion.

The Fiscal Responsibility Act’s $1.59 trillion discretionary spending cap for fiscal year 2024 has little to no bite if appropriators decide the caps shouldn’t apply by designating some spending as ‘emergency.’

There’s a way to reduce Social Security’s financial and economic burden and eliminate its unfunded obligations over the long‐​term, and it requires no benefit cuts, but merely reductions in the growth of benefits. Now we just need to find the political will.

Congress should adhere to the spending caps agreed to in the debt limit deal without phony budget gimmicks and without blowing the budget by designating regular funding as if it were for emergencies.

As Congress considers a farm bill in coming months, it should keep in mind that farm household incomes have risen greatly over the decades.

The U.S. Department of Agriculture (USDA) spends more than $2 billion a year on three programs that provide food aid to poor countries, which aim to alleviate hunger and support development. The programs have noble goals, but they suffer from serious practical flaws.

Congress is scheduled to consider a farm bill this fall to reauthorize farm programs and the Supplemental Nutrition Assistance Program (SNAP). Extending current programs would cost $1.5 trillion over 10 years, but there will be efforts to boost benefit levels and add new programs.