Fiscal Summit Day!

Today is the Pete Peterson Foundation’s 2011 Fiscal Summit at which sundry worthies will be speaking and your humble blogger will be in attendance.

The highlight of the proceedings, to me, is that a number of thing tanks—including CAP—will be releasing their long-term budgetary visions. I know a bit about what’s in our document, and very little about what’s in the others, but I think our plan’s a good one and I’m eager to share some details about it on the blog when it’s released officially. But I’ll just say as a preamble that the way our fiscal team went about this was not to think about a “balanced budget plan.” It’s a plan to delivery broadly shared prosperity in an ecologically sustainable way. That means a government that spends on things that are important, and doesn’t spend on things that aren’t important. And it means a tax code that raises enough revenue, and does it in an economically smart way. But if you don’t have that kind of grounding, what you wind up with is a lot of arbitrary numbers.