Why is the U.S. Fiscal Outlook More Daunting Now than After World War II?
In around six years, the national debt will likely exceed its all-time high of 106 percent of gross domestic product (GDP), which occurred in 1946.
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In around six years, the national debt will likely exceed its all-time high of 106 percent of gross domestic product (GDP), which occurred in 1946.
As the nation shifts its attention from the election to the major challenge posed by the upcoming Fiscal Cliff, some of the country's most influential voices on fiscal and economic issues will come together at a forum convened by the Peter G. Peterson Foundation.
The Peter G. Peterson Foundation’s 2011 Fiscal Summit featured results from the Foundation’s Solutions Initiative and sparked ongoing conversations between thought leaders and policymakers about bipartisan solutions to our nation’s long-term fiscal challenge.
The federal government is slated to borrow about $1.5 trillion this year, and that number is projected to nearly double over the next decade.
According to the Joint Committee on Taxation, the provisions in this agreement will add $857.8 billion to the deficit by 2020.
https://www.pgpf.org/analysis/2010/12/compromise-tax-framework-agreement
“As a new president and Congress take office, one thing hasn’t changed: our nation’s fiscal outlook remains unsustainable," Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, said in response to the Congressional Budget Office's Budget and Economic Outlook update.
https://www.pgpf.org/press-release/2017/01/statement-on-the-cbos-budget-and-economic-outlook
Fiscal policy that boosts productivity is the best offense against future inflation.
Portman, Panetta, Heitkamp, Zandi and others call for bipartisan fiscal commission, outlining spending and revenue reforms to stabilize the debt.
Our fiscal situation was already unsustainable, but COVID-19 certainly did not help. Learn how the pandemic compounded our financial challenges in 13 charts.
https://www.pgpf.org/blog/2020/12/13-charts-that-tell-the-fiscal-story-of-2020
Solutions to the fiscal challenge must be long-term, bipartisan budget solutions that can be implemented gradually. Discover some of the comprehensive plans proposed, as well as policy options for individual parts of the budget that merit consideration.