Budget Reform

It was an overcast day in Sacramento for yesterday's 2010 California Working Families Policy Summit. A sellout crowd of nearly five hundred attendees from across the state gathered at the convention center downtown to reunite, share common dismay at the state of California's budget and political challenges, and try to forge a vision for the future.

In December, the Peterson-Pew Commission on Budget Reform released Red Ink Rising - an approach to stabilizing the nation's mounting federal debt.

On December 14, the Peterson-Pew Commission on Budget Reform hosted a public event, moderated by David Wessel of the Wall Street Journal, to announce the release of its report, Red Ink Rising: A Call to Action to Stem the Mounting Federal Debt. The six panelists included a distinguished group of fiscal experts, including among their many titles, former chairmen and ranking members of the House Budget Committee (Bill Frenzel, Jim Nussle, and Jim Jones) and two former CBO directors (Alice Rivlin and Douglas Holtz-Eakin). The panelists

The economic Paul Romer said, "A crisis is a terrible thing to waste." And Gov. Schwarzenegger, after a bit of drift, has taken that wisdom to heart, focusing again on his budget reform proposal, which includes a revenue stabilization or rainy day fund.