Fed Chair Powell Encourages Congress to Address Rising Debt before Next Downturn
Powell noted that the current economic expansion is the longest on record and emphasized the need to consider the long-term implications of fiscal policy.
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Powell noted that the current economic expansion is the longest on record and emphasized the need to consider the long-term implications of fiscal policy.
A divided government means there is both a requirement and a valuable opportunity for lawmakers to work together on fiscal solutions.
Unless addressed soon, the growing national debt will "seriously jeopardize and undermine the American economy," said former Secretary of Defense Leon Panetta.
Federal debt is already at its highest level since 1950 and is projected to climb to 152 percent of GDP under current law by 2048 — by far an all-time high.
https://www.pgpf.org/blog/2018/06/four-key-takeaways-from-the-cbo-2018-long-term-outlook
The IMF raises concerns that progress on important fiscal issues is being hampered by political dysfunction in Washington.
Social Security is the largest single federal program, and accounts for approximately one quarter of all federal spending.
https://www.pgpf.org/blog/celebrating-social-securitys-80th-anniversary
The third presidential debate included a dedicated segment on the national debt, giving both candidates a chance to talk about their vision.
https://www.pgpf.org/blog/2016/10/what-the-candidates-said-about-the-debt
Economists generally agree that public investment in infrastructure has a positive effect on productivity, and therefore on gross domestic product.
https://www.pgpf.org/blog/2018/04/president-trumps-infrastructure-plan-a-closer-look
"Congress should be taking into account when designing fiscal policy is the need to achieve sustainability of this debt path over time,” Yellen said.
https://www.pgpf.org/blog/2017/07/yellen-congress-should-factor-national-debt-into-policy-decisions
Tax expenditures cost the government about $1.5 trillion each year, more than the budget of any agency or major spending program.