Budget Basics: The Challenge
America faces a growing crisis. Our federal government has accumulated a $13.6 trillion debt over the last few decades, and this debt is expected to grow significantly in coming years.
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America faces a growing crisis. Our federal government has accumulated a $13.6 trillion debt over the last few decades, and this debt is expected to grow significantly in coming years.
The latest Financial Times-Peterson Foundation US Economic Monitor reveals that the coronavirus pandemic is financially impacting the vast majority of Americans, and there is broad-based support for federal response measures.
The Congressional Budget Office released its 2015 Long-Term Fiscal Outlook, which projects that by 2040, federal debt will climb to over 100 percent of GDP under current law and could reach 175 percent of GDP under less optimistic assumptions.
While the last minute passage of a continuing resolution avoided a government shutdown, the relief may be only temporary.
https://www.pgpf.org/analysis/2016/10/happy-fiscal-new-year-2017
The paper puts real numbers behind different scenarios for a structure for tax reform: eliminating income tax expenditures to enable lower tax rates.
These projections provide fresh evidence that the nation’s fiscal policy is on an unsustainable course and changes in policy will be needed.
“Debt matters because our fiscal irresponsibility threatens the economic future of every American,” said Michael Peterson, Chairman and CEO of the Peter G. Peterson Foundation.
https://www.pgpf.org/press-release/2018/05/2018-fiscal-summit-press-release
Michael A. Peterson releases a statement on President Barack Obama's budget.
Federal debt would rise to 78 percent of GDP in 2014 — higher than it has been at any point in our history since 1950.
https://www.pgpf.org/analysis/analysis-of-the-president%E2%80%99s-fiscal-year-2014-budget
Under the current policy scenario, the federal government is projected to run permanent primary spending deficits.
https://www.pgpf.org/analysis/government-accountability-office-fall-2012-budget-outlook