FISCAL BLOG

Monthly Archive for July 2022

To illuminate what the latest economic indicators mean, connect the dots, and discuss how CBO analysis helps policymakers, CBO Director Phillip Swagel joined Peterson Foundation CEO Michael Peterson for the latest Economic Forum.

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Today, the nonpartisan Congressional Budget Office (CBO) released its Long-Term Budget Outlook, which offers a look at the nation’s fiscal health through 2052.

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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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On the whole, the average retirement age has risen by 3 years since 1990, increasing from 62 to 65. Women, on average, tend to retire earlier than men, but women have seen a larger increase in average retirement age.

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Healthcare costs are notoriously high in the United States, and the price of prescription drugs is a big reason why.

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Many Americans, young and old, may be confused by the complex set of issues that comprise how the government raises revenues and allocates them.

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Rising inflation usually prompts higher interest rates, which in turn boost interest paid on the federal debt and thereby increase annual deficits, making the nation’s fiscal outlook worse.

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Here we examine the President’s proposal to increase funding for the IRS in greater detail, analyze the extent to which more funding impacts tax compliance and the tax gap, and look at solutions that might improve the nation’s unsustainable fiscal outlook.

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GAO projects that debt held by the public could more than double over the next 30 years — rising from around 100 percent of gross domestic product (GDP) at the end of fiscal year 2021 to 217 percent in 2050.

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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.