Policy Makers Should Act Now to Address the Long-Term Fiscal Imbalance
Failing to address the fiscal imbalance imposes burdens on future generations that many would consider unfair.
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Failing to address the fiscal imbalance imposes burdens on future generations that many would consider unfair.
Populations are aging in many countries.
https://www.pgpf.org/chart-archive/0116_aging_world_population
“Americans’ confidence in our fiscal outlook is weighed down by deep concerns about the national debt, an uncertain economic outlook and a lack of fiscal leadership,” said Michael A. Peterson, CEO of the Peterson Foundation.
https://www.pgpf.org/press-release/2022/07/fci-press-release
The most precious asset the nation has is its people. But we are leaving far too many behind.
Low-income seniors rely on Social Security benefits for a major share of their retirement income.
https://www.pgpf.org/chart-archive/0018_social-security-low-income
Retired workers make up 70 percent of Social Security beneficiaries.
https://www.pgpf.org/chart-archive/0243_oasdi-beneficiary-percentages
Based on the Trustees’ projections, combined Social Security benefits could be cut by 20 percent in 2035 without legislative action
https://www.pgpf.org/chart-archive/0246_social-security-20-percent-cut
Social Security will run a cumulative cash deficit of $2.9 trillion between now and 2035.
https://www.pgpf.org/chart-archive/0030_social-security-deficits-gdp
The aging of the baby boom generation will boost the number of Americans age 65 and older.