This Fiscal New Year May Mark a Permanent Return to Trillion-Dollar Deficits
Outside of the recent recession caused by the financial crisis and its aftermath, the U.S. government has never witnessed deficits that exceeded $1 trillion.
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Outside of the recent recession caused by the financial crisis and its aftermath, the U.S. government has never witnessed deficits that exceeded $1 trillion.
Without reform, the Social Security Trust Funds will soon be depleted and unable to pay full benefits.
The report highlights the structural misalignment in the country’s budget and the resulting unsustainable fiscal trajectory.
CBO prepares what is known as an alternative fiscal scenario, which can be helpful in understanding a range of potential outcomes.
https://www.pgpf.org/blog/2019/09/what-is-an-alternative-fiscal-scenario
A divided government means there is both a requirement and a valuable opportunity for lawmakers to work together on fiscal solutions.
A newly updated report, prepared by Ernst & Young, reexamines the federal government's long-term fiscal outlook through the "fiscal gap" measure.
Soaring from $255 billion in 2016 to $830 billion in 2026.
https://www.pgpf.org/blog/2016/02/chart-of-the-week-net-interest-costs-on-national-debt-to-rise
“The federal government’s fiscal path is unsustainable," warns the Government Accountability Office.
Tax breaks totaled over $1.8 trillion in 2023. To put that in perspective, that’s more than the government spends on Social Security, defense, or Medicare and Medicaid.
https://www.pgpf.org/blog/2023/12/eight-of-the-largest-tax-breaks-explained
The new campaign highlights the key opportunity lawmakers have to address our nation's unsustainable long-term debt.