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The latest report from the nonpartisan Congressional Budget Office (CBO) reiterates that the federal budget is on an unsustainable trajectory.
“As troubling as this year’s deficit is, it’s just the beginning of large and growing deficits as far as the eye can see," Michael A. Peterson, Chairman and CEO of the Peter G. Peterson Foundation, said.
Each year, some of the revenue the federal government collects comes from various taxes. In 2012, taxpayers paid almost $2.5 trillion, which the government used to partially fund $3.5 trillion worth of spending on Social Security, health care, and other programs in areas such as defense and education. The remainder of spending was funded through deficits.
The latest trustees reports make clear that Social Security and Medicare beneficiaries face substantial cuts in the near future unless policymakers take action to make these vital programs solvent.
"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
This project examines the impact on labor force participation, hours worked and earnings of adult children when they decide to provide unpaid care for older parents. It also assesses the overall employment-related opportunity cost of unpaid family care in the United States today and through 2050.
This study looks at the number and composition of vulnerable nonresident fathers who have limited ability to pay their child support obligations. Using a representative state’s policies, it provides rough predictions of how many nonresident fathers would have negative income after meeting their full child support obligations, their own basic needs and tax obligations. It also describes the demographic composition of these vulnerable fathers.
Medicare faces significant financial challenges in future years because of rising healthcare spending and an aging population.
https://www.pgpf.org/analysis/2018/07/trustees-funding-challenges-threaten-medicares-future
“After adding trillions to our national debt in last year’s irresponsible tax bill, our leaders are now adding another $300 billion in deficits over just the next two years," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
https://www.pgpf.org/press-release/2018/02/peterson-foundation-statement-on-budget-deal
CBO estimates that the number of uninsured under age 65 rose by 1 million people and anticipates the total to rise by another million people this year.