I presented the following remarks at the first meeting of President Obama's National Commission on Fiscal Responsibility and Reform:
We members of the Fiscal Commission are charged with a critical mission: "Identifying policies to improve the fiscal situation in the medium term and to achieve fiscal sustainability over the long run."
We gather, not as accountants, actuaries, bean counters looking through green eye shades at columns of numbers, but as policy-makers who care deeply about the lives of the American people of today and tomorrow who are impacted by the economic policies of our country. As the President said last week, "...some on Wall Street forgot that behind every dollar traded or leveraged there's a family looking to buy a house, or pay for an education, open a business, save for retirement. What happens on Wall Street has real consequences across the country, across our economy."
The exact same can be said about the task in which we are engaged. Balancing the budget and reducing the debt are not ends in and of themselves. The welfare of the American people must be the goal of our fiscal policy. Everything we do here must be measured in terms of the impact on the well-being of our people, the opportunities we provide to our children and the values of our democratic society.