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The nation's long-term fiscal outlook is unsustainable. Publicly held debt currently equals 70 percent of gross domestic product, the most common measure of an economy's size.
https://www.pgpf.org/budget-basics/state-of-the-unions-finances/introduction
If we regard the U.S. government as a firm, this firm is in a sticky situation in which the valuation of its cash flows is below the amount of its outstanding liability.
“This report makes it painfully clear that our unsustainable fiscal challenges have now been accelerated. The sad truth is that our national debt now equals the size of our entire economy,” said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
https://www.pgpf.org/press-release/2020/09/peterson-statement-on-cbo-report
The rising national debt carries substantial costs today and poses an even greater toll on America’s future.
"Tonight's SOTU represents an important opportunity for President Obama to discuss the nation’s fiscal challenges and solutions for putting the country on a better path."
Michael A. Peterson, President and COO of the Peter G. Peterson Foundation, commented today following the release of the "Tax Reform Act of 2014," by Ways and Means Chairman Dave Camp.
Although the President's budget would make progress by reducing deficits and stabilizing the debt over the next ten years, federal debt would remain high by historical standards.
https://www.pgpf.org/analysis/summary-of-cbos-analysis-of-the-presidents-budget-for-fiscal-year-2014
The COVID-19 pandemic has led to a considerable increase in spending — but our long-term debt was already on an unsustainable path.
The National Flood Insurance Program (NFIP) is run by the federal government to reduce the impact of flooding on private and public structures.
https://www.pgpf.org/budget-basics/the-national-flood-insurance-program