CBO Warns: Fiscal Outlook Remains Unsustainable
Under current law, federal debt is now projected to reach 150 percent of GDP within 30 years — by far an all-time high.
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Under current law, federal debt is now projected to reach 150 percent of GDP within 30 years — by far an all-time high.
Each year, some of the revenue the federal government collects comes from various taxes. In 2012, taxpayers paid almost $2.5 trillion, which the government used to partially fund $3.5 trillion worth of spending on Social Security, health care, and other programs in areas such as defense and education. The remainder of spending was funded through deficits.
In the waning days of 2012 and early hours of 2013, U.S. policymakers struggled with how to address the "fiscal cliff" — a set of scheduled tax increases and spending cuts that, if allowed to take effect, could have pushed the economy into another recession.
https://www.pgpf.org/analysis/past-the-cliff-but-not-out-of-the-woods
A series of sudden, drastic changes to our nation's fiscal policies are slated to take place automatically at the end of this year — what many are calling the "Fiscal Cliff."
https://www.pgpf.org/analysis/the-fiscal-cliff-is-an-opportunity-for-long-term-action
Learn about the job opportunities available at Peter G. Peterson Foundation
The budgetary and economic effects of proposed tax legislation are a critical element of the debate.
https://www.pgpf.org/analysis/2017/12/tax-modeling-tax-reform-why-its-important
Although the debt affects each of us, it may be difficult to put such a large number into perspective and fully understand its implications.
https://www.pgpf.org/infographic/the-national-debt-is-now-more-than-34-trillion-what-does-that-mean
Here are principles for reform to help ensure that our budget process is conducive to fiscally responsible policymaking.
Across the political spectrum, there are many policy options that could address our fiscal challenges and build a stronger, more sustainable economic future.
The Peter G. Peterson Foundation was created by Pete Peterson to raise awareness of America’s long-term debt, and how it affects economic growth.