Costs of Delaying Fiscal Reform
Waiting to act raises the cost of stabilizing the debt.
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Waiting to act raises the cost of stabilizing the debt.
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for April 2024.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-april-2024
The Treasury projects that debt as a percentage of GDP will grow to more than five times the size of the U.S. economy in the next 75 years.
https://www.pgpf.org/blog/2024/03/delaying-fiscal-reform-is-costly-annual-treasury-report-warns
“Our high and rising national debt is a pressing issue for the future of the nation, and the August recess presents an opportunity for a conversation between lawmakers and constituents about solutions,” said Michael A. Peterson.
https://www.pgpf.org/press-release/2023/07/fci-press-release
Michael A. Peterson, President and COO of the Peter G. Peterson Foundation, released the following statement as the Congressional Budget Office released its Budget and Economic Outlook for 2014-2024.
Policy leaders and experts across the political spectrum have put forward a number of comprehensive plans to reduce America’s long-term debt and lay a strong foundation for future economic growth.
“Addressing our nation’s unprecedented and unsustainable debt is critical to securing a strong, growing economy of the future,” said Pete Peterson, Founder and Chairman of the Peter G. Peterson Foundation.
https://www.pgpf.org/press-release/2017/05/2017-fiscal-summit-press-release
Our fiscal situation was already unsustainable, but COVID-19 certainly did not help. Learn how the pandemic compounded our financial challenges in 13 charts.
https://www.pgpf.org/blog/2020/12/13-charts-that-tell-the-fiscal-story-of-2020
The first important determinant of a country’s fiscal health is its financing costs.