Analysis: Happy Fiscal New Year 2016
Lawmakers should use the opportunities presented by the annual budgetary process to set policy priorities and provide more certainty about our nation’s fiscal policy.
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Lawmakers should use the opportunities presented by the annual budgetary process to set policy priorities and provide more certainty about our nation’s fiscal policy.
The latest report from the nonpartisan Congressional Budget Office (CBO) reiterates that the federal budget is on an unsustainable trajectory.
CBO projects that, on our current path, the deficit will reach nearly $1 trillion next year and will total $12.4 trillion over the ten-year period from 2019.
https://www.pgpf.org/analysis/2018/04/cbo-report-outlines-dramatically-worse-fiscal-outlook
This outlook is particularly worrisome because the baby boom generation is beginning to retire and will place growing demands on Social Security, Medicare, and Medicaid in the 2020s.
The nonpartisan Congressional Budget Office has released a mid-year update to its projections of the nation’s federal finances and economic health.
Under current law, federal debt is now projected to reach 150 percent of GDP within 30 years — by far an all-time high.
Under the president’s budget, federal debt will remain historically high, roughly double its average over the past 50 years.
https://www.pgpf.org/analysis/presidents-budget-not-enough-to-solve-our-long-term-fiscal-challenges
There will be a number of consequences from a gradual increase in the federal funds rate over time.
President Obama's budget keeps the debt from rising as a share of the economy, but it does not address the key drivers of our long-term unsustainable debt.
The President's budget has a worthy goal of deficit reduction. However the economic assumptions underlying the president’s budget are optimistic.
https://www.pgpf.org/analysis/2017/05/analysis-of-the-presidents-fy-2018-budget