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“Today’s CBO report confirms that major damage was done to our fiscal outlook in just the past few months," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
Higher short- and long-term Treasury rates mean that the federal government's borrowing costs will also rise.
Today, the Social Security and Medicare Trustees released their annual reports on the programs’ financing, showing that the future of these vital programs remain at risk.
https://www.pgpf.org/blog/2024/05/social-security-and-medicare-are-facing-serious-shortfalls
Average income among households in the lowest fifth of the income distribution was $21,900, while income for households in the highest fifth averaged $357,800.
https://www.pgpf.org/blog/2024/01/5-facts-about-rising-income-inequality-in-the-united-states
The Peter G. Peterson Foundation releases a statement on President Obama's proposed 2012 budget.
“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
“America’s fiscal outlook is more dangerous and daunting than ever, threatening our economy and the next generation."
The U.S. spent $820 billion on national defense during fiscal year (FY) 2023 according to the Office of Management and Budget, which amounted to 13 percent of federal spending.
https://www.pgpf.org/budget-basics/budget-explainer-national-defense
Over the next several weeks, as the President and Congress confront the "fiscal cliff," they will have a big opportunity to make the right choice.