Smucker Highlights Disastrous Fiscal Trajectory in Biden Administration Budget

Rep. Smucker began his questioning of Director Young, by asking about the fiscal trajectory of our nation. Rep. Smucker noted that according to the 2023 Financial Report of the U.S. Governmentissued by Treasury Secretary Janet Yellen, our nation's debt-to-GDP ratio will reach 531 percent by 2098, more than five times our current debt-to-GDP ratio.

Rep. Smucker underscored how the Biden budget does nothing to fix the long-term insolvency of the Social Security Trust Fund, despite raising trillions in new taxes on small businesses and families. Discussing the need to ensure the long-term solvency of Social Security, Medicare, and Medicaid, Rep. Smucker stressed the importance of the creation of a fiscal commission.

"We need to have a real conversation with the American people about how we fix this going forward…It is not sustainable. You can't tax your way out of this, it's impossible. The numbers are what they are. And that's why I believe a fiscal commission is so critical. So that we can come together, the administration and Members of Congress, bipartisan, bicameral, and have a real discussion…. So I was disappointed that the fiscal commission was not included in the latest [spending] package and was disappointed that the Biden administration does not support it [a fiscal commission]," said Rep. Smucker.

In his closing remarks, Rep. Smucker added: "I hope we can get to the point where we can have a real conversation about this and I think, again, a fiscal commission would be a really great way to do that."

Click hereto watch all of Rep. Smucker's questions to Office of Management and Budget Director Shalanda Young.