Rising Federal Deficits
The federal deficit is projected to decline in 2021, but is expected to remain high over the next decade
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The federal deficit is projected to decline in 2021, but is expected to remain high over the next decade
Historically, debt and deficits rose with wars and economic downturns. Today, they rise from factors such as growing healthcare costs and an aging population.
Beyond 2030, rising interest costs are the driving factor in projected growth in annual deficits.
https://www.pgpf.org/chart-archive/0280_net_interest_primary_deficit
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
Deficits would be even higher under an alternative fiscal scenario.
Prior to the Great Depression deficits were unusual in the U.S. Budget. Surpluses occurred in about two-thirds of the years between 1800 to 1929.
https://www.pgpf.org/chart-archive/0023_federal-deficit-surplus
Federal budget deficits are projected to be high despite low unemployment.
https://www.pgpf.org/chart-archive/0306-high-deficits-low-unemployment
The top 20 percent of income earners receive over half the value of major tax expenditures.
https://www.pgpf.org/Chart-Archive/0199_distribution_tax_expenditures
Solutions Initiative 2019: Projected Federal Debt
https://www.pgpf.org/chart-archive/0279_solutions_initiative_2019
The United States spends more on defense than the next 9 countries combined.