Taking on the Three Deficits
In this National Journal Energy and Environment Expert blog post, clean energy policy analyst Matthew Stepp discusses how policymakers can reframe the budget debate and have a more nuanced discussion about how America can address all three deficits through targeted investments and spending cuts. As the U.S. economy continues to struggle through an anemic recovery, politicians in Washington are consumed by a debate over how to drastically reduce the nation’s debt. But in their zeal to close the budget deficit, policymakers are ignoring that America is actually challenged with three deficits: budget, trade, and investment estimated to grow to $41 trillion by 2021.
As a result, policymakers are "putting everything on the table" and aiming to cut not just wasteful government spending but also federal investments in areas like energy research, technology, education and infrastructure that are key to economic growth, competitiveness, and long-term prosperity.