The U.S. Faces Looming Fiscal Crisis
Last year, the U.S. deficit of $1.4 trillion or 9.9 percent of gross domestic product, was the largest since the end of World War II.
https://www.pgpf.org/analysis/2009/04/the-us-faces-looming-fiscal-crisis
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Last year, the U.S. deficit of $1.4 trillion or 9.9 percent of gross domestic product, was the largest since the end of World War II.
https://www.pgpf.org/analysis/2009/04/the-us-faces-looming-fiscal-crisis
CBO finds that the budget would not reach balance in 2027 as the administration projects.
https://www.pgpf.org/analysis/2017/07/cbo-debt-remains-high-under-presidents-budget
“Voters understand the urgency of our fiscal challenges, and that’s why they want lawmakers to take concrete steps to secure our future,” said Michael A. Peterson.
https://www.pgpf.org/press-release/2023/06/fci-press-release
While proposals to raise the retirement age are intended to improve the financial health of the Social Security program, GAO finds that such changes could produce an opposite result, while also having an adverse impact on some of society’s most vulnerable members.
"The purpose of electing people to public office is to govern — to make the tough choices, to take the risks, to resolve differences and to enact policies that strengthen the nation," writes Leon E. Panetta.
Trillion-dollar annual deficits not seen since the Great Recession are expected to return as soon as next year.
https://www.pgpf.org/blog/2018/10/what-theyre-saying-deficit-hits-six-year-high
Inflation’s legacy of higher real interest rates poses a significant danger to the federal budget.
The fairness of our federal tax system is a hotly debated issue. Too often, however, those debates confuse or misrepresent important facts because they focus on one type of tax in isolation rather than the various taxes that people face in aggregate.
"Despite the harangue of the political class, for many Americans 'bipartisanship' is not a dirty word," writes Michael Steele.
Each year, some of the revenue the federal government collects comes from various taxes. In 2012, taxpayers paid almost $2.5 trillion, which the government used to partially fund $3.5 trillion worth of spending on Social Security, health care, and other programs in areas such as defense and education. The remainder of spending was funded through deficits.