WASHINGTON — In
a full-page advertisement in this
Sunday’s New York Times (October 7,
2001), leaders of The Concord Coalition have signed an open letter to the President and
the Congress of the United States, urging “a time for thoughtful action” as they
consider plans to address the business and economic impact of the events of September
11th.
WASHINGTON — In
a full-page advertisement in this
Sunday’s New York Times (October 7,
2001), leaders of The Concord Coalition have signed an open letter to the President and
the Congress of the United States, urging “a time for thoughtful action” as they
consider plans to address the business and economic impact of the events of September
11th.
The advertisement is signed by The
Concord Coalition’s Co-Chairs, Warren B. Rudman
and Sam Nunn, Concord’s President, Peter G. Peterson, and Concord Coalition Board Members
Robert E. Rubin, J. Robert Kerrey, and Paul A. Volcker. The full text of the advertisement (http://concordcoalition.org/fedbudget/old-doc/011007nytad.htm)
is available under “What’s New” on The Concord Coalition’s website (http://www.concordcoalition.org).
Excerpts from the advertisement:
“The events of September 11th
shocked the conscience of the civilized world.
Our
nation’s security has naturally and rightly taken the highest priority: nothing is
more important than the work of the President and Congress to reduce the uncertainty about
our citizens’ safety and to deal effectively with terrorism.
But the
U.S. Government is also taking important steps to address the business and economic impact
of the terrorists attack…
In that
regard, we call on President Bush and Congress to choose measures, whether tax cuts or
expenditures, which:
1. Have
real effect in the very near future.
2. Do not involve
meaningful costs in later years.
3. Have the
greatest stimulus, and where possible, the biggest impact on future productivity, for the
amount of money being spent.
In
particular, let’s reject measures that would further compromise the budget position
down the road. Even before the recent events,
official projections of the budget surplus over the next 10 years had been reduced by $2.2
trillion. Those projections are very likely
to be further reduced substantially with the recent deterioration in economic conditions
and with the measures for defense, security and rebuilding now being developed. A prospect of a return to deficits not just in
2002, but in the years beyond may well be counter-productive in terms of raising long-term
interest rates now. That would offset the
fiscal stimulus…
…
Nor, of course, can we ignore the effects of our actions today on the daunting fiscal
challenges of tomorrow – measured in multi-trillion dollars of unfunded retirement
and health care benefits for our rapidly aging baby-boomer population.
Those of us who have come together to
sign this are Republicans and Democrats, conservatives and liberals. What unites us is our
concern about the need to strengthen our national security, to restore U.S. economic
growth and to protect the long-term fiscal health of our nation. The long-term strength of our economy gives us the
short-term capacity to respond effectively to the events of September 11th. One need not be sacrificed for the other.
As you
work to respond to the economic dimensions of the September 11th events, we ask
the following: Don’t just do something; do the right thing.”
The Concord Coalition
is a nonpartisan, grassroots organization dedicated to balanced federal budgets and
generationally responsible fiscal policy. Former
U.S. Senators Warren Rudman (R-N.H.) and Sam Nunn (D-Ga.) serve as Concord’s
co-chairs and former Secretary of Commerce Peter Peterson serves as president.
