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.
Discover why our fiscal health and economic strength are so closely tied, and why it is important to get the deficit under control and work toward a balanced budget.
Gridlock "means ever rising debt as a share of GDP, the prospect of economic turmoil, and lower living standards than otherwise for our children and grandchildren," writes G. William Hoagland.
The most precious asset the nation has is its people. But we are leaving far too many behind.
“Our high and rising national debt is a pressing issue for the future of the nation, and the August recess presents an opportunity for a conversation between lawmakers and constituents about solutions,” said Michael A. Peterson.
https://www.pgpf.org/press-release/2023/07/fci-press-release
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
Here are the top ten spending categories for the federal budget.
https://www.pgpf.org/budget-basics/top-10-largest-budget-functions
These charts tell the fiscal story of 2022 — looking back at how our fiscal situation deteriorated over the past year and what challenges lie ahead.
“As the national debt races toward $34 trillion, policymakers remain mired in short-term budget battles that do nothing to improve our fiscal outlook,” said Michael A. Peterson.
https://www.pgpf.org/press-release/2023/11/fci-press-release
The federal budget is on an unsustainable and damaging fiscal trajectory, according to a new report from the nonpartisan Congressional Budget Office.
https://www.pgpf.org/analysis/2019/02/cbo-report-highlights-unsustainable-fiscal-outlook