Inflation Fighting and Ensuring Fiscal Health Starts Now
Debt will continue to accumulate unless reforms are undertaken.
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Debt will continue to accumulate unless reforms are undertaken.
The federal deficit is growing during a period of economic expansion — a pattern that is highly unusual.
https://www.pgpf.org/blog/2018/12/the-risks-of-running-up-deficits-when-the-economy-is-good
Due to the COVID-19 pandemic and the resulting monetary policy response, short-term interest rates are currently near zero and longer-term rates are historically low.
https://www.pgpf.org/blog/2021/08/how-will-interest-rate-changes-affect-federal-debt-and-deficits
The latest OMB report marks the first time that the administration has acknowledged that deficits will surpass $1 trillion in the near term.
https://www.pgpf.org/blog/2018/07/trump-administration-acknowledges-trillion-dollar-deficits
“It’s critical that budget proposals fully address the structural drivers of our debt in order to stabilize it over the long run," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
https://www.pgpf.org/press-release/2023/03/peterson-foundation-statement-on-presidents-budget
Failing to address the fiscal imbalance imposes burdens on future generations that many would consider unfair.
“It’s very encouraging to see bipartisan, bicameral support for a fiscal commission to recommend solutions to our $33 trillion and growing national debt."
Portman, Panetta, Heitkamp, Zandi and others call for bipartisan fiscal commission, outlining spending and revenue reforms to stabilize the debt.
This outlook is particularly worrisome because the baby boom generation is beginning to retire and will place growing demands on Social Security, Medicare, and Medicaid in the 2020s.
The federal budget is on an unsustainable and damaging fiscal trajectory, according to a new report from the nonpartisan Congressional Budget Office.
https://www.pgpf.org/analysis/2019/02/cbo-report-highlights-unsustainable-fiscal-outlook