FISCAL BLOG

Outside of the recent recession caused by the financial crisis and its aftermath, the U.S. government has never witnessed deficits that exceeded $1 trillion.

Without income from Social Security, two thirds of the elderly would be considered poor.

Rising costs of prescription drugs and their effect on Medicare could have serious consequences on our healthcare system and our nation's fiscal well-being.

Members of the United States House of Representatives and Senate return to Washington to face a number of important policy decisions and deadlines.

Last year's tax legislation was a key opportunity to simplify the tax code, but the TCJA actually increased the number of tax breaks.

The general consensus among economists is that the long-term effects of the TCJA will be higher debt and little change to underlying economic growth.

The latest OMB report marks the first time that the administration has acknowledged that deficits will surpass $1 trillion in the near term.

Unless addressed soon, the growing national debt will "seriously jeopardize and undermine the American economy," said former Secretary of Defense Leon Panetta.

Federal debt is already at its highest level since 1950 and is projected to climb to 152 percent of GDP under current law by 2048 — by far an all-time high.

While the Tax Cuts and Jobs Act of 2017 will likely boost economic growth in the near term, the effects of the legislation are temporary.