Seven in ten voters from across the political spectrum say the record national debt will be an important factor in their vote for Congress in next week’s Midterm Elections, according to a new poll.
Last year's tax cuts have had significant implications for the federal budget, our economy, and every family and business in the country.
Revenues in 2018 didn’t even keep up with inflation, much less growth in nominal gross domestic product.
Growth over the next few years is expected to slow as the recent fiscal stimulus wanes.
The International Monetary Fund warns that U.S. debt levels pose a risk for future economic growth and fiscal stability.
Trillion-dollar annual deficits not seen since the Great Recession are expected to return as soon as next year, and when that happens, American taxpayers will be paying an average of $1 billion per day in interest costs on the national debt.
Corporate tax receipts dropped by 31 percent in 2018 — an unprecedented decline during a time of economic growth. The Tax Cuts and Jobs Act is responsible for the plunge.
Other than during the recent recession caused by the financial crisis and its aftermath, the U.S. government has never witnessed deficits that exceeded $1 trillion.