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.
The coronavirus (COVID-19) pandemic is an unprecedented national emergency requiring a significant federal response. This page provides resources and analysis, tracking the actions our leaders are taking to respond, and providing insights on the state of America’s fiscal and economic outlook during the recovery.
Here are the top ten spending categories for the federal budget.
https://www.pgpf.org/budget-basics/top-10-largest-budget-functions
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
Waiting to act raises the cost of stabilizing the debt.
“As the 2024 campaign heats up, voters are calling on candidates to show leadership by backing a fiscal commission to address our unsustainable national debt,” said Michael A. Peterson.
https://www.pgpf.org/press-release/2024/01/fci-press-release
The country’s fiscal trajectory got notably worse over the past year.
Our fiscal situation was already unsustainable, but COVID-19 certainly did not help. Learn how the pandemic compounded our financial challenges in 13 charts.
https://www.pgpf.org/blog/2020/12/13-charts-that-tell-the-fiscal-story-of-2020
The latest budget outlook released by CBO is the first to fully capture the budgetary impact of the pandemic.
“Today’s CBO report confirms that major damage was done to our fiscal outlook in just the past few months," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.