Deficits Grow in Recessions
Recessions and countercyclical policies generally increase deficits, but deficits tend to diminish during and after recoveries.
https://www.pgpf.org/chart-archive/0307_deficits_and_recessions
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Recessions and countercyclical policies generally increase deficits, but deficits tend to diminish during and after recoveries.
https://www.pgpf.org/chart-archive/0307_deficits_and_recessions
The Peter G. Peterson Foundation releases a statement on the agreement to raise the debt ceiling.
Fixing the budget requires addressing the root cause of the long-term deficits: escalating Social Security and Medicare shortfalls.
The general consensus among economists is that the long-term effects of the TCJA will be higher debt and little change to underlying economic growth.
The U.S. national saving rate has declined significantly since the mid-1960s.
On average, Social Security benefits exceed Social Security taxes over an individual’s lifetime.
https://www.pgpf.org/Chart-Archive/0198_social_security_lifetime_benefits
Social Security provides social insurance by redistributing income from high earners to low earners.
https://www.pgpf.org/chart-archive/0244_social-security-income-redistribution
“This is an example of how our leaders can pay for their priorities, whatever they may be, while helping to improve America’s fiscal and economic future at the same time," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
“This bill demonstrates that you can invest in areas of national interest while improving our fiscal outlook at the same time," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.