If we are to understand why the federal budget is structured the way it is and why fiscal policy choices are constrained, we must look at history to see how we got to where we are today. The nature of fiscal policy is such that decisions made by earlier generations affect the options of future generations. This was true in the past and it is true today—our choices will shape the opportunities of future generations.
In the end, we believe the future economic health of the nation depends on building agreement around the budget facts. This report is one step on that path.