After the Supercommittee, Fiscal Policy Questions Still Have to be Addressed
The end of the supercommittee doesn’t mean the end of the fiscal policy debate in Washington.
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The end of the supercommittee doesn’t mean the end of the fiscal policy debate in Washington.
The combined Old Age and Survivors’ Insurance and Disability Insurance Trust Funds, commonly referred to as the “Social Security Trust Funds,” will be fully depleted by 2033.
https://www.pgpf.org/analysis/social-security-faces-major-financial-challenges
While proposals to raise the retirement age are intended to improve the financial health of the Social Security program, GAO finds that such changes could produce an opposite result, while also having an adverse impact on some of society’s most vulnerable members.
The Peterson Foundation releases a statement on the reinstatement of the statutory debt limit.
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.
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
Peter G. Peterson releases a statement on Simpson-Bowles "Bipartisan Path Forward to Securing America’s Future."
All three budget plans achieve deficit reduction within the 10-year window relative to current law, though they make different choices on revenues and spending levels for particular programs and achieve different results.
The latest Financial Times-Peterson Foundation US Economic Monitor reveals that the coronavirus pandemic is financially impacting the vast majority of Americans, and there is broad-based support for federal response measures.
Under the current policy scenario, the federal government is projected to run permanent primary spending deficits.
https://www.pgpf.org/analysis/government-accountability-office-fall-2012-budget-outlook