Recession Remedies in the Face of High Inflation
Well-designed fiscal policy should help the hardest-hit and most vulnerable families.
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Well-designed fiscal policy should help the hardest-hit and most vulnerable families.
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.
What will America look like at mid-century? US 2050 will examine and analyze the multiple demographic, socioeconomic, and fiscal trends that will shape the nation in the decades ahead.
“This budget acknowledges the need for deficit reduction, and represents a positive step and starting point for action on stabilizing our national debt" said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
https://www.pgpf.org/press-release/2022/03/peterson-foundation-statement-on-presidents-budget
The nation's long-term fiscal outlook is unsustainable. Publicly held debt currently equals 70 percent of gross domestic product, the most common measure of an economy's size.
https://www.pgpf.org/budget-basics/state-of-the-unions-finances/introduction
Lawmakers should use the opportunities presented by the annual budgetary process to set policy priorities and provide more certainty about our nation’s fiscal policy.
“This CBO score is the latest evidence that this bill needs to be improved as it moves through the legislative process," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
“The unfortunate milestone of $29 trillion in debt is a stark reminder that our nation’s fiscal foundation is insecure and unsustainable." said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
Strengthened automatic fiscal stabilizers would enable fiscal stimulus to arrive in a more predictable and efficient manner.
Inflation’s legacy of higher real interest rates poses a significant danger to the federal budget.