Family Incomes Reduced by Federal Debt
The growing federal debt could reduce family incomes substantially.
https://www.pgpf.org/Chart-Archive/0203_federal-debt-affects-income
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The growing federal debt could reduce family incomes substantially.
https://www.pgpf.org/Chart-Archive/0203_federal-debt-affects-income
The fraction of children who earn more than their parents has decreased over time.
Deficits would be even higher under an alternative fiscal scenario.
CBO’s estimate of the cumulative deficit over the next 10 years totals $2.3 trillion more than the Administration had estimated.
The federal debt is on an unsustainable path
A key assessment of poverty in America is the Official Poverty Measure (OPM), which is calculated by the United States Census Bureau using a range of income and economic data.
https://www.pgpf.org/budget-basics/how-do-we-measure-poverty-and-is-there-a-better-way-to-do-it
Federal debt would grow rapidly if current policies were continued.
https://www.pgpf.org/chart-archive/0300_debt_current_policies
The projected shortfall of future Social Security revenues is the result of political action, not the absence of policy options for addressing this issue.
“This month’s improvement in the index makes it clear that voters want leaders who will improve America’s fiscal and economic future,” said Michael A. Peterson, CEO of the Peterson Foundation.
https://www.pgpf.org/press-release/2022/08/fci-press-release
Reconciliation provides for expedited consideration of certain legislation; its use is particularly important in the Senate because it limits the time allowed for debate and prevents the inclusion of non-budgetary provisions.
https://www.pgpf.org/budget-basics/what-is-budget-reconciliation