Just so we all know how things work in Washington, the NEC is an advisory element of the Office of Policy Development. They don’t like Congressman Paul Ryan’s budget plan and said so in a paper: THE CASE FOR SHARED SACRIFICE, By Gene Sperling, Director of the National Economic Council.
By the numbers
The 17-page paper referenced here:
1. Lays out detailed spending, entitlement and specific revenue measures that the Congressional Budget Office scores as reducing deficits and stabilizing our debt as a percentage of our economy.
2. Explains why the House Republican budget unfortunately fails any basic test of balance or shared sacrifice
3. Illustrates savings come from imposing an unprecedented amount of hardship on the middle class and particularly the most vulnerable in our society
The presentation presents facts to support the analysis.
The great divide remains: 1) Republicans do not want to recover lost revenues needed to pay down the debt created in part by wars we could not afford; 2) Taking the pain from the hides of middle class and poor people; 3) Failing to assess the wealthy to help the nation based on their means; 4) Spending excessively on national defense.
“Conclusion: There is a growing awareness and emerging national consensus that we both need to reduce our long-term deficits and do so in a way that asks for shared sacrifice including revenues from those who are most fortunate in our society. This will need to be done in a thoughtful way that neither sacrifices the need to strengthen our current recovery nor our national imperative to make investments in the skills and potential of all of our people. It will, as President Obama has often said, mean that everyone must be willing to avoid clinging to every fiscal sacred cow or ideological claim. If we work in good faith, it will not mean being forced to sacrifice our commitment to looking out for those most in need, investing in all our children, protecting the dignity of work and retirement, competing for a better future and a commitment to shared sacrifice in pursuit of shared prosperity.”
For the record
“The National Economic Council (NEC) was established in 1993 to advise the President on U.S. and global economic policy. It resides within the Office of Policy Development and is part of the Executive Office of the President. By Executive Order, the NEC has four principal functions: to coordinate policy-making for domestic and international economic issues, to coordinate economic policy advice for the President, to ensure that policy decisions and programs are consistent with the President’s economic goals, and to monitor implementation of the President’s economic policy agenda. (content omitted)
The Director is supported by a staff of policy specialists in various fields including: agriculture, commerce, energy, financial markets, fiscal policy, healthcare, labor, and Social Security.”