1000+ Economists, 15 Nobel Laureates Endorse INFORM Act
Full-page Open Letter Runs in the New York Times
Washington, DC – The Can Kicks Back (TCKB), a non-partisan and Millennial-led campaign to mobilize young Americans on the issues of the national debt and generational equity, today announced the support of over 1,000 economists—and 15 Nobel Laureates—for the bipartisan Intergenerational Financial Obligations Reform (INFORM) Act.
Championed by TCKB and introduced in the House and Senate by members of both major parties, the INFORM Act would disclose the true size and intergenerational consequences of our country’s fiscal imbalance. It will do so by incorporating fiscal gap and generational accounting analysis in the budget process.
“I've never seen such massive support, independent of political leaning, for any piece of legislation,” said Laurence Kotlikoff, professor of economics at Boston University, who helped spearhead the development of generational accounting. “It underscoresthe urgent desire for government to properly account for the massive obligations we are passing to the next generation and understand the scale of the solutions necessary to eliminate them.”
In addition to the 15 Nobel Laureates, prominent endorsers of the INFORM Act include George Schultz, former U.S. Secretary of the Treasury, David M. Walker, former U.S. Comptroller General, and James C. Miller, former Director of the Office of Management and Budget. The INFORM Act’s congressional co-sponsors include Senator Tim Kaine (D–Va.), Senator John Thune (R–S.D.), Senator Chris Coons (D-Del.), Senator Rob Portman (R-Ohio), Representative Jim Cooper (D–Tenn.) and Representative Aaron Schock (R–Ill.).
A full-page ad in the New York Times today features an open letter to the president and Congress urging passage of the INFORM Act. The letter reads, “Unless we begin to systematically measure and address our long-term fiscal imbalances, no government programs, be they maintaining our nation's military or paying Social Security benefits, will be secure.”
Over 15,000 millennials have also endorsed the INFORM Act through a petition circulated online and through a nationwide tour organized by TCKB. The campaign is planning a rally and press conference on Capitol Hill on Thursday, October 31st to deliver these petitions and other messages from young people to members of Congress.
"It’s time for our leaders to be honest and get serious about our country’s fiscal challenges,” said Nick Troiano, co-founder of TCKB. “TheINFORM Act is the first step to avoiding a circumstance in which millennials become the first generation worse off than their parents.”
The Can Kicks Back is a non-partisan, Millennial-driven campaign to fix the national debt and reclaim our American Dream. More information is available at www.TheCanKicksBack.org/informact.