FISCAL BLOG

New data from the Bureau of Labor Statistics show that the labor market experienced an unexpected improvement in May.

The U.S. economy was in its longest expansion since World War II. The pandemic, however, has altered that trajectory.

The United States has generally focused more on supplementing incomes while other countries have adopted wage-subsidy programs.

A large decrease in revenues and a large increase in spending have led the Congressional Budget Office to estimate a deficit of $737 billion in April 2020.

In response to the COVID-19 pandemic, lawmakers have asked Americans to stay at home and have forced businesses to close to slow the spread of the virus.

The decrease in GDP in the first quarter was driven by a decline in consumption and investment.

The new numbers demonstrate the severe economic damage and significant fiscal implications of this unprecedented crisis.

The official unemployment rate was 4.4 percent in March 2020, up from 3.5 percent in February. That increase was the largest of any month since January 1975.

The proportion of the population who are uninsured began increasing in 2017.

Heading into 2020, the vast majority of Americans are urging leaders in Washington to address the unsustainable national debt and budget deficit.