sighted and to establish a new regime of responsible budget stewardship. Under this new regime, leaders will be better prepared to take the political actions necessary to fairly represent the interests of the nation’s children and grandchildren and to avoid the potentially serious consequences of continuing on the present path.

If action is taken soon, the country has a wide choice of options to help achieve fiscal sustainability. All are difficult; but if action is postponed, the options will be fewer and the choices will be even more difficult. With delay, the risk of a disruptive fiscal crisis will grow, and the standard of living experienced by everyone’s grandchildren is likely to be lower than it is for people today.

The challenges are formidable, but not impossible. If the nation accepts sacrifices in the short run, it will be much stronger, safer, and more prosperous in the long run.

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