FISCAL BLOG

Monthly Archive for July 2020

New economic growth statistics from the Bureau of Economic Analysis (BEA) confirm that the American economy continues to suffer historic damage during the coronavirus pandemic.

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The federal government spent $51 billion on housing assistance in 2019, and more than 80 percent of that spending was for three programs in the Department of Housing and Urban Development that provide rental assistance to low-income households.

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The statutory tax rate is the percentage imposed by law; the effective tax rate is the percentage of income actually paid by an individual or a company after taking into account tax breaks.

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Average income among households in the lowest fifth of the income distribution was $21,000, while income for households in the highest fifth averaged $291,000.

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The cost and quality of the U.S. healthcare system is one of the most prominent issues facing everyday Americans. It is a top policy concern for voters, a key indicator of economic efficiency, and a significant driver of the national debt.

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To date, policymakers have authorized an estimated $3.6 trillion in federal spending (the budgetary cost of which is only $2.4 trillion) to help counter the economic effects of the coronavirus (COVID-19) pandemic.

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Overall, coronavirus relief legislation is expected to widen the gap between federal outlays and revenues — increasing federal deficits by $2.4 trillion over the next decade.

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It’s going to take at least a decade for the labor market to recover from the coronavirus (COVID-19) pandemic, according to the latest data from the Congressional Budget Office (CBO).

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Without federal intervention, many services could be drastically reduced to meet balanced budget requirements.

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The federal government finances its operations with taxes, fees, and other receipts collected from many different sectors of the economy. The largest sources of revenues are individual income taxes and payroll taxes.

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What Does the Debt Mean for Our Future?

We all have a responsibility to build a brighter fiscal and economic future for the next generation.

National Debt Clock

See the latest numbers and learn more about the causes of our high and rising debt.