High Inflation and Fiscal Policy
The more important question for fiscal policy is what happens when monetary policy normalizes.
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The more important question for fiscal policy is what happens when monetary policy normalizes.
In January 2013, a series of tax increases and spending cuts are slated to go into effect automatically and all at once. Many are calling this major fiscal policy shift the "Fiscal Cliff." If all of the changes are allowed to proceed, future budget deficits would be substantially reduced. However, the nonpartisan Congressional Budget Office has forecast that the economy would be thrown into recession in 2013 — an outcome that threatens our still-fragile economic recovery.
Voters are calling on their leaders to take concrete actions to put us on a better fiscal path.
For the third year in a row, Congress did not adopt a budget resolution.
Significant majorities of voters across party lines agree that a commission would strengthen Social Security, lower borrowing costs, and improve our economic outlook.
Each proposal presents a distinct vision of the role of the federal government in our economy.
https://www.pgpf.org/analysis/fiscal-year-2013-budget-proposals
Interest costs are on track to become the largest category of spending in the federal budget.
https://www.pgpf.org/budget-basics/what-are-interest-costs-on-the-national-debt
The greatest gift today’s leaders can give to future generations is the fiscal room to solve their own problems.
“Today’s report provides a troubling snapshot of America’s fiscal outlook, which we know will only get worse from here,” said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
https://www.pgpf.org/press-release/2021/03/peterson-statement-on-cbos-long-term-outlook
In 2017, Congress and the President enacted the Tax Cuts and Jobs Act (TCJA), which made significant changes to the tax code for individuals and corporations.
https://www.pgpf.org/blog/2024/03/the-next-fiscal-cliff-big-tax-decisions-to-make-in-2025