Maya MacGuineas | |
---|---|
Born | Washington, D.C., U.S. | February 21, 1968
Education | Northwestern University (BA) Harvard University (MPP) |
Occupation | President of the Committee for a Responsible Federal Budget |
Spouse | Robin Brooks |
Children | 2 |
Website | crfb |
Maya MacGuineas (born February 21, 1968) is president of the Committee for a Responsible Federal Budget. She is a frequent commentator on issues such as the federal budget, national debt, taxes, the economy, retirement policy, government reform, and health care.
Born in Washington, D.C. to D. Biard MacGuineas and Carol Kalish, [1] she graduated from Northwestern University, where she majored in economics and psychology, and she received a master's degree in public policy from the Harvard University John F. Kennedy School of Government. [2] [3]
MacGuineas served briefly at the Brookings Institution early in her career, then spent two years at Paine Webber as an equity analyst on Wall Street. [4] She also advised the 2000 presidential campaign of John McCain on Social Security. [4]
She became a senior fellow and director of the Fiscal Policy Program at New America (organization). [5] At New America, she oversaw its work on the federal budget, entitlement programs, and taxes. [6]
In 2009, she did a stint on the editorial board of The Washington Post . [4] She previously served on the Board of Directors of Common Cause. [1] She also served on the Domenici-Rivlin Debt Reduction Task Force. [7]
She currently serves on the Advisory Board of the Penn-Wharton Budget Model. [8] She is Co-Chair of the National Budgeting Roundtable. [9]
MacGuineas also serves on the Economic Strategy Group of the Aspen Institute. [10] In addition, she is a Member of the National Academy of Social Insurance. [11] In 2010, MacGuineas was elected as a fellow of the National Academy of Public Administration. [12]
MacGuineas has served as president of the Committee for a Responsible Federal Budget, a non-partisan public policy organization dedicated to fiscal issues, since 2003. [13] The Committee has been described as a “budget watchdog” by The Hill (newspaper) . [14] In 2018, she noted that she is a political independent and that the Committee is critical of both parties. [15]
Under her leadership, the Committee grew in stature as it became a prominent voice for tackling rising national debt that is projected to reach record levels as a share of the economy in the years to come. A Roll Call article stated, “the previously obscure organization, a home for former federal budget officials, has been pulled into the spotlight, speaking to what its members and supporters argue is the overriding fiscal issue of the time.” [16]
In 2012, she became head of the Campaign to Fix the Debt, a project of the Committee that seeks a comprehensive and bipartisan approach to addressing rising national debt. [17] [18] Business leaders, economists, and budget experts became involved with the Campaign, as well as thousands of grassroots supporters. [19]
She has testified before congressional committees on several occasions. [20] [21] [22] A Wall Street Journal piece described her as an “anti-deficit warrior.” [23]
MacGuineas is also a founder of FixUS, a project of the Committee for a Responsible Federal Budget. According to its website, “FixUS is a group of Americans united in shared concern over the divided state of our country. We believe that healing these divisions is our highest national priority, and essential to preparing our nation to face the defining challenges of the 21st century.” [24]
In April 2019, she wrote in USA Today , along with FixUS Director Mike Murphy, “In many ways our budget deficits and ever-rising debt are a symptom and symbol of the deterioration of our politics ... As a nation, we have become incapable of making tough choices or achieving bipartisan compromise. We are focused on the short term at the expense of the long term. And we reward hyper-partisanship over making progress on behalf of the American people.” [25]
An op-ed by MacGuineas in July 2019 in The Washington Post struck a similar note, “The dysfunctional budget process, the untenable debt situation and the inability to solve the most glaring budget problems — from a tax base riddled with ineffective loopholes, to Social Security, to the need to reform the debt ceiling — reflect the larger corrosive situation of today’s broken governance system.” [26]
The national debt of the United States is the total national debt owed by the federal government of the United States to Treasury security holders. The national debt at any point in time is the face value of the then-outstanding Treasury securities that have been issued by the Treasury and other federal agencies. The terms "national deficit" and "national surplus" usually refer to the federal government budget balance from year to year, not the cumulative amount of debt. In a deficit year the national debt increases as the government needs to borrow funds to finance the deficit, while in a surplus year the debt decreases as more money is received than spent, enabling the government to reduce the debt by buying back some Treasury securities. In general, government debt increases as a result of government spending and decreases from tax or other receipts, both of which fluctuate during the course of a fiscal year. There are two components of gross national debt:
Peter George Peterson was an American investment banker who served as United States Secretary of Commerce from February 29, 1972, to February 1, 1973, under the Richard Nixon administration. Before serving as Secretary of Commerce, Peterson was also chairman and CEO of Bell & Howell from 1963 to 1971. From 1973 to 1984 he was chairman and CEO of Lehman Brothers. Later in 1985, he co-founded the private equity firm The Blackstone Group, and served as chairman. In the same year, Peterson became chairman of the Council on Foreign Relations, a position he held until his retirement in 2007 after which he was named chairman emeritus. In 2008, Peterson was ranked 149th on the "Forbes 400 Richest Americans" with a net worth of $2.8 billion. He was also known as founder and principal funder of The Peter G. Peterson Foundation, which is dedicated to promoting fiscal austerity.
A balanced budget amendment is a constitutional rule requiring that a state cannot spend more than its income. It requires a balance between the projected receipts and expenditures of the government.
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Fiscal policy is any changes the government makes to the national budget to influence a nation's economy. "An essential purpose of this Financial Report is to help American citizens understand the current fiscal policy and the importance and magnitude of policy reforms essential to make it sustainable. A sustainable fiscal policy is explained as the debt held by the public to Gross Domestic Product which is either stable or declining over the long term". The approach to economic policy in the United States was rather laissez-faire until the Great Depression. The government tried to stay away from economic matters as much as possible and hoped that a balanced budget would be maintained. Prior to the Great Depression, the economy did have economic downturns and some were quite severe. However, the economy tended to self-correct so the laissez faire approach to the economy tended to work.
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Fiscal conservatism or economic conservatism is a political and economic philosophy regarding fiscal policy and fiscal responsibility with an ideological basis in capitalism, individualism, limited government, and laissez-faire economics. Fiscal conservatives advocate tax cuts, reduced government spending, free markets, deregulation, privatization, free trade, and minimal government debt. Fiscal conservatism follows the same philosophical outlook of classical liberalism. This concept is derived from economic liberalism.
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The Committee for a Responsible Federal Budget (CRFB) is a non-profit public policy organization based in Washington, D.C. that addresses federal budget and fiscal issues. It was founded in 1981 by former United States Representatives Robert Giaimo (D-CT) and Henry Bellmon (R-OK), and its board of directors includes former Members of Congress and directors of the Office of Management and Budget, the Congressional Budget Office and the Federal Reserve.
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