The Macroeconomic Gains from Stabilizing and Reducing Federal Debt
By making gradual changes to federal spending and revenue, lawmakers can not only stabilize our fiscal outlook, but also provide long-run economic benefits.
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By making gradual changes to federal spending and revenue, lawmakers can not only stabilize our fiscal outlook, but also provide long-run economic benefits.
In the legislative days remaining before the 113th Congress adjourns, there is much urgent work to be done to put the nation on a more sustainable and predictable path, now and in the future.
Policymakers should work together to stabilize and strengthen this important program for generations to come.
https://www.pgpf.org/analysis/trustees-warn-social-security-faces-major-imbalances
All three budget plans achieve deficit reduction within the 10-year window relative to current law, though they make different choices on revenues and spending levels for particular programs and achieve different results.
The public is undergoing a cultural shift, driven by generations of punted fiscal decisions and the need for innovative leadership in tough economic times.
https://www.pgpf.org/analysis/op-ed-how-to-handle-our-long-term-debt
The paper puts real numbers behind different scenarios for a structure for tax reform: eliminating income tax expenditures to enable lower tax rates.
The United States, by far, spends the greatest amount on military (in nominal terms) than any other country.
https://www.pgpf.org/analysis/why-defense-matters-for-deficit-reduction
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.
Similar to previous years, this budget largely relies on very optimistic projections of economic growth and unlikely budget cuts to reduce the deficit.
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.