The US government has lost its way, and that is a fact.
We must have a reckoning with the failure to properly fund the US economy, not a repeat of the fiscal crisis that caused the Great Recession.
That is why I am calling on President Obama to appoint a bipartisan panel of senior economic experts to examine how to address the economic challenges facing the US, and to make a bipartisan decision.
In addition, the United States needs to develop a long-term plan to reduce its reliance on foreign aid.
That plan will be critical to the long-run success of the US.
We need a long, robust recovery.
The US government must restore fiscal discipline, restore fiscal credibility, and begin to address serious systemic risks to our national security.
This will require the restoration of fiscal discipline that began with the end of the Great Depression, and it will require a strong plan for reallocating funds across multiple agencies and departments to address structural challenges.
The United States must reestablish a credible fiscal policy framework and create the conditions for sustained economic growth.
In doing so, we must re-evaluate the role of the Federal Reserve in economic policymaking, and we must restore the ability of the federal government to balance its budget.
We also need to establish a credible path to fiscal solvency.
We can and should achieve these goals if we are prepared to make good on the commitments we have made over the last three years to reduce the size of our debt and to invest in infrastructure and education.
But that is not the only path.
The US also needs to restore fiscal sustainability and begin taking aggressive steps to restore the fiscal credibility and confidence of the American people.
We should not have to rely on the International Monetary Fund and the World Bank to provide stability for our economies and our societies.
We are already on a path to financial crises that are undermining our economies, and they need to be addressed.
We cannot afford to go backwards.
It is time to reorient the American economy and the national debt to achieve long-overdue fiscal reform, including an orderly, stable, sustainable path to recovery and growth.
We owe it to our children to begin a new path forward.
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The first step is to reestablish fiscal discipline.
We have been in this crisis before, and the US has not yet recovered.
We will be again.
We all need to re-establish fiscal sanity.
The most important thing is that we begin to understand how the fiscal challenges of the last few years will affect the economy, our families, our communities, our national interest, and our economy as a whole.
This is not a new problem.
The fiscal crises that caused our Great Recession are over.
There are a lot of things we can do.
But it is time for us to begin to get our fiscal house in order and take action to restore our fiscal credibility.
That means taking bold action to address a host of structural risks.
First, we need to invest more in the US to restore its fiscal credibility while reducing the risk that we will become the debtor nation.
The president has indicated that he wants to see the Federal Government spend less.
But the Federal government spends a lot.
The government is a major player in our economy.
We do not just get our government to do things.
We get it to do them well.
The federal government can spend more on infrastructure.
The budget for the Federal Aviation Administration in 2018 was $3.6 trillion.
This budget includes $600 billion for the Department of Transportation, and $3 billion for an airport expansion program.
We already spend more than we spend globally.
The Department of Energy’s budget was $1.6 billion in 2018.
If we can increase the number of jobs by 25%, we can add millions of new jobs to our economy and we can spend that money in our own interests.
We now need to do more to invest that money.
We just spent $50 billion to add about 700,000 jobs at the US Export-Import Bank.
That money should be used to invest our money to make investments in American manufacturing and our infrastructure.
We know that the economy is important to the United Kingdom and to Canada.
We want to grow our trade with both countries.
We believe that if we invest our time and energy in the United Nations, and if we work with the private sector, we can create the jobs and prosperity that we all want.
The Treasury Department has proposed cutting the Federal Deposit Insurance Corporation’s funding by a third.
That would result in a $300 billion cut in the budget.
It would have a ripple effect throughout our economy, including job losses, and a ripple of damage on the global economy.
So what can we do to make sure that we are not creating more problems than we are solving?
The first thing we can and must do is re-design our economy so that it is more resilient to shocks.