Until COVID-19 Is Under Control, Economic Damage Will Linger, Experts Say
A pair of top policy experts offer insights into the economy, the effectiveness of relief legislation, and what it all means for the election and beyond.
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A pair of top policy experts offer insights into the economy, the effectiveness of relief legislation, and what it all means for the election and beyond.
The Peterson Foundation releases a statement on the reinstatement of the statutory debt limit.
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for October 2022.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-october-2022
“Today’s CBO report shows ten straight years of trillion-dollar deficits. That’s a sad reflection of our nation’s poor fiscal health, and it adds insult to injury that we’re piling on all this debt in a growing economy,” said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
The Federal Reserve's lending facilities are one of the many policy tools the central bank is using to stabilize the economy in response to the pandemic.
“With high inflation, risk of recession, rising interest rates and the debt soaring over $31 trillion, there are many urgent fiscal and economic priorities for the 118th Congress to address next year,” said Michael A. Peterson, CEO of the Peterson Foundation.
https://www.pgpf.org/press-release/2022/11/fci-press-release
This outlook is particularly worrisome because the baby boom generation is beginning to retire and will place growing demands on Social Security, Medicare, and Medicaid in the 2020s.
Financing the debt will become more burdensome now that interest rates have returned to their pre-pandemic levels.
High inflation breeds instability, raising the risk of both higher interest rates and recession.
Once we have a plan in place that reduces spending and increases revenues, a strong annual budget process for the government would help us stay on track.
https://www.pgpf.org/budget-basics/fixing-the-budget-process