America is facing a financial inflection point

Published November 29, 2022 12:00am ET



Voters went to the polls this month looking for relief from high inflation, worker shortages, rising crime, and the crisis at the border. Undoubtedly, the new Congress, a divided government, will feel pressure to address these concerns in the near term. However, Congress faces an important fork in the road it cannot ignore. Policymakers must act now to fix the country’s finances or watch the social contract dissolve for the next generation.

Our country is at a social and economic inflection point. Inflation is rising, and debt is soaring. Congress must confront the brutal fiscal reality that the nation’s health, retirement, and economic security systems for millions of people are in serious jeopardy. Debating reforms to entitlement programs and the tax code might not garner the headlines to which many policymakers have grown accustomed, but it is necessary work to ensure vital supports exist for future generations.

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