The bipartisan National Commission on Fiscal Responsibility and Reform released its "Moment of Truth" report earlier this week, and after a careful reading, I found the commission's views and recommendations persuasive. Those interested in the likely future direction of US fiscal policy will want to read and study the report for themselves, but I predict that at least some of the "Moment of Truth" recommendations will find their way into fiscal policy in the coming months and years. Click on the image below to download the full report.
[Click image to download full report]
Note that the contents of the "Moment of Truth" report focus on future directions for US fiscal policy rather than monetary policy, which remains the domain of the Federal Reserve. However, until fiscal-policy makers can formulate and pass meaningful fiscal reforms, monetary policy will likely remained hamstrung. Fiscal reform in the US is in urgent need of bipartisan support from both parties -- all eyes are on Congress...
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