Federal Deficit and Debt: July 2020
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for July 2020.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-july-2020
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Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for July 2020.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-july-2020
"With high inflation, economic uncertainty and the national debt surpassing $31 trillion, voters are rightly concerned about our nation’s fiscal and economic outlook in this year’s pivotal election,” said Michael A. Peterson, CEO of the Peterson Foundation.
https://www.pgpf.org/press-release/2022/10/fci-press-release
While nearly all Americans pay taxes, the composition of the type of taxes paid is very different for taxpayers at various points in the income distribution.
https://www.pgpf.org/blog/2020/07/how-does-the-tax-system-work
Financing the debt will become more burdensome now that interest rates have returned to their pre-pandemic levels.
“This bill has been formed through constructive, bipartisan policymaking and includes important investments in our economy, but it falls short of being fiscally balanced," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
Inflation and interest rates will have important impacts on the long-term federal budget outlook.
The Peterson Foundation cited new projections which demonstrate that $1.2 trillion in deficit reduction that fails to address the fundamental drivers of our growing debt will not stabilize the level of debt relative to the economy, which is the real test of any long-term fiscal plan.
"Passing a bill to our kids is not the right way to pass a bill. This legislation is an example of fiscal irresponsibility," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
https://www.pgpf.org/press-release/2017/11/peterson-foundation-statement-on-house-tax-bill
According to CBO, the fiscal condition of the United States has deteriorated since its last report issued in August.
https://www.pgpf.org/analysis/cbo%E2%80%99s-latest-budget-projections-a-deteriorating-fiscal-outlook
On November 14th, William Dudley and Nela Richardson, joined us to discuss the optimal mix of fiscal, monetary and economic policy to steer us through a challenging inflationary period.