This Fiscal New Year May Mark a Permanent Return to Trillion-Dollar Deficits
Outside of the recent recession caused by the financial crisis and its aftermath, the U.S. government has never witnessed deficits that exceeded $1 trillion.
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Outside of the recent recession caused by the financial crisis and its aftermath, the U.S. government has never witnessed deficits that exceeded $1 trillion.
With our economy in recovery, the national debt rising unsustainably, the country still grappling with a devastating pandemic, and lawmakers pursing significant new legislation, America faces many critical questions for its future. To shed light on the best way forward, two top economists participated in a panel discussion as part of the latest edition of the Peterson Foundation Economic Forum.
The new numbers demonstrate the severe economic damage and significant fiscal implications of this unprecedented crisis.
Trump outlined some broad strokes of his budget proposal, but lawmakers and voters are anxious to see where the administration stands on a number of issues.
https://www.pgpf.org/blog/2017/03/the-fiscal-month-in-review-questions-about-policy-specifics-remain
“The federal government’s fiscal path is unsustainable," warns the Government Accountability Office.
While Congress has not taken steps toward reining in our high and rising national debt, lawmakers did address a couple of pending fiscal items.
While nearly all Americans pay taxes, the composition of the type of taxes paid is very different for taxpayers at various points in the income distribution.
https://www.pgpf.org/blog/2020/07/how-does-the-tax-system-work
Under current law, the U.S. budget deficit will exceed $1 trillion each year beginning in 2022 and total $11.4 trillion over the upcoming decade.
Student debt is one of the biggest challenges young people will face as they prepare to enter adulthood, and is often their first encounter with debt.
Budget process rules like PAYGO help ensure that fiscal considerations are an important part of policymaking.
https://www.pgpf.org/blog/2019/01/the-house-is-returning-to-PAYGO