Drivers of spending growth
Spending for mandatory programs and net interest is projected to putpace all other non-interest spending.
https://www.pgpf.org/chart-archive/0174_SS_major_health_climb
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Spending for mandatory programs and net interest is projected to putpace all other non-interest spending.
https://www.pgpf.org/chart-archive/0174_SS_major_health_climb
Spending on the major healthcare programs, Social Security, and interest will continue to climb rapidly over the long term.
https://www.pgpf.org/chart-archive/0281_spending_to_climb_rapidly
The United States spends more on defense than the next 9 countries combined.
Compared to historical trends and other advanced economies, corporate tax revenues in the United States are low.
"No party, or even individual member, has bragging rights when it comes to advocating for, or making progress on, reducing the deficit and debt," writes Heidi Heitkamp.
Gridlock "means ever rising debt as a share of GDP, the prospect of economic turmoil, and lower living standards than otherwise for our children and grandchildren," writes G. William Hoagland.
"Sound fiscal policy can make it easier for the Fed to bring inflation down without pushing the economy into a recession," writes Ben Ritz.
"When it comes time to start looking under the sofa cushions for savings, Congress should treat direct spending and tax expenditures equally," writes Betsey Stevenson.
These charts tell the fiscal story of 2022 — looking back at how our fiscal situation deteriorated over the past year and what challenges lie ahead.
The U.S. spends twice as much on prescription drugs as other comparatively wealthy nations, on average.