Debt & deficits, 1855-2051
Historically, debt and deficits rose with wars and economic downturns. Today, they rise from factors such as growing healthcare costs and an aging population.
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Historically, debt and deficits rose with wars and economic downturns. Today, they rise from factors such as growing healthcare costs and an aging population.
Non-defense discretionary spending funds a wide range of programs
https://www.pgpf.org/chart-archive/0318_nondefense_disc_categories
Beyond 2030, rising interest costs are the driving factor in projected growth in annual deficits.
https://www.pgpf.org/chart-archive/0280_net_interest_primary_deficit
The federal government collects revenue from a variety of sources.
“As our nation continues to recover from the pandemic, this budget proposal outlines significant investments aimed at addressing a range of national challenges," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
Prior to the Great Depression deficits were unusual in the U.S. Budget. Surpluses occurred in about two-thirds of the years between 1800 to 1929.
https://www.pgpf.org/chart-archive/0023_federal-deficit-surplus
U.S. dependency on foreign lenders to finance the public debt has risen sharply.
https://www.pgpf.org/chart-archive/0057_foreign-holders-debt
Recessions and countercyclical policies generally increase deficits, but deficits tend to diminish during and after recoveries.
https://www.pgpf.org/chart-archive/0307_deficits_and_recessions
The Peter G. Peterson Foundation focuses on budget trends over the coming decade under the competing House Republican and Senate Democrat proposals from March 2013.
https://www.pgpf.org/analysis/a-look-at-the-competing-house-and-senate-budget-proposals
“This budget acknowledges the need for deficit reduction, and represents a positive step and starting point for action on stabilizing our national debt" said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
https://www.pgpf.org/press-release/2022/03/peterson-foundation-statement-on-presidents-budget