To remarkably little fanfare chairmen of the President’s Council of Economic Advisors
Martin N. Baily
Martin S. Feldstein
R. Glenn Hubbard
Edward P. Lazear
N. Gregory Mankiw
Christina D. Romer
Harvey S. Rosen
Charles L. Schultze
Laura D. Tyson
Murray L. Weidenbaum
representing every administration from the Carter Administration forward including the present administration have published an open letter to the Congress and the president urging that action be taken to get the nation’s fiscal house in order:
Divided government is no excuse for inaction. The bipartisan National Commission on Fiscal Responsibility and Reform, under co-chairmen Erskine Bowles and Alan Simpson, issued a report on the problem in December supported by 11 Democrats and Republicans — a clear majority of the panel’s 18 members.
As former chairmen and chairwomen of the Council of Economic Advisers, who have served in Republican and Democratic administrations, we urge that the Bowles-Simpson report, “The Moment of Truth,” be the starting point of an active legislative process that involves intense negotiations between both parties.
My guess is that about as much attention will be paid to this by the addressees as was paid to the Bowles-Simpson Report which is to say little or none.
I know, I know. We’re getting the government we deserve (a view with which I disagree vehemently). Would things have been better if, on an administration by administration basis, the other guy had been elected? I don’t see it.