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Under current law, the U.S. budget deficit will exceed $1 trillion each year beginning in 2022 and total $11.4 trillion over the upcoming decade.
This project explores issues of race and identity by studying how multiracial legislators view the relationship between their racial backgrounds and their legislative duties. The findings from this research will provide insight into the future political representation of minority communities.
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.
Portman, Panetta, Heitkamp, Zandi and others call for bipartisan fiscal commission, outlining spending and revenue reforms to stabilize the debt.
"Unfortunately, this budget paves the way for $1.5 trillion in higher deficits, plus interest," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
Voters are deeply concerned about interest costs eating up more and more of the federal budget.
One issue that most lawmakers and voters agree on is that our tax system needs reform.
https://www.pgpf.org/infographic/how-the-us-tax-system-works
Spending for mandatory programs and net interest is projected to putpace all other non-interest spending.
https://www.pgpf.org/chart-archive/0174_SS_major_health_climb
High inflation breeds instability, raising the risk of both higher interest rates and recession.
The 2014 Trustees Reports make clear that essential programs, like Social Security and Medicare, are on an unsustainable path.
https://www.pgpf.org/infographic/2014-social-security-medicare-trustees-reports