Lessons to learn for federal government over Wall Street distress

Image via WikipediaGovernment reform orgs. deliver news on major events within their areas of expertise. From: Peter G. Peterson Foundation

Dave Walker on the Wall Street bailout

In the past week, the stakes have only risen higher! As the US government seeks to dig Wall Street out of its hole, we need to make sure that Washington learns lessons and implements safeguards to keep from falling into the same kind of hole - only deeper.

"The US government truly is too big to fail," writes PGPF President and CEO Dave Walker in this morning's Financial Times. "However, there are disturbing parallels between the factors that led to the sub-prime crisis and the deteriorating financial condition and fiscal foundation of our federal government. These similarities ought to ring an alarm bell for Congress and the presidential candidates. The question is, will they hear it and wake up?" To read Dave's entire op-ed, click here.

Meanwhile, PGPF Vice President Gene Steuerle spotlights the three major reforms needed to modernize Social Security, a program whose features were largely "designed around a view of the economy and the family that is at least three-quarters of a century old." The three necessary reforms:

1) "better poverty reduction" to improve the quality of life for the poor and very poor;

2) "less discouragement of work" to keep Americans in the workforce longer, boosting the program's revenues and as a result, its benefits; and,

3) "fairer treatment of the family" to tackle how the system discriminates among beneficiaries, especially in light of growing trends over the past 75 years of single parenthood, divorce, and adults having children later in life. To read Gene's column, click here.

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