President's Budget Relies on Optimistic Economic Projections and Unlikely Spending Cuts
The president's budget misses an opportunity to address the structural causes of our debt and relies instead on overly optimistic economic assumptions.
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The president's budget misses an opportunity to address the structural causes of our debt and relies instead on overly optimistic economic assumptions.
In the waning days of 2012 and early hours of 2013, U.S. policymakers struggled with how to address the "fiscal cliff" — a set of scheduled tax increases and spending cuts that, if allowed to take effect, could have pushed the economy into another recession.
https://www.pgpf.org/analysis/past-the-cliff-but-not-out-of-the-woods
These projections provide fresh evidence that the nation’s fiscal policy is on an unsustainable course and changes in policy will be needed.
Americans must task their newly elected officials with tackling the nation's debt — and hold them accountable for results.
https://www.pgpf.org/analysis/for-a-stronger-economy-deal-with-the-debt
Medicare faces significant financial challenges in future years because of rising healthcare spending and an aging population.
https://www.pgpf.org/analysis/2019/04/trustees-funding-challenges-threaten-medicare%E2%80%99s-future
The paper puts real numbers behind different scenarios for a structure for tax reform: eliminating income tax expenditures to enable lower tax rates.
Under current policies, publicly held debt is projected to increase from 73 percent of gross domestic product in 2012 to 83 percent in 2023.
Over the next several weeks, as the President and Congress confront the "fiscal cliff," they will have a big opportunity to make the right choice.
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.
Although the President's budget would make progress by reducing deficits and stabilizing the debt over the next ten years, federal debt would remain high by historical standards.
https://www.pgpf.org/analysis/summary-of-cbos-analysis-of-the-presidents-budget-for-fiscal-year-2014