FISCAL BLOG

In response to the COVID-19 pandemic, lawmakers have asked Americans to stay at home and have forced businesses to close to slow the spread of the virus.

The decrease in GDP in the first quarter was driven by a decline in consumption and investment.

The new numbers demonstrate the severe economic damage and significant fiscal implications of this unprecedented crisis.

The official unemployment rate was 4.4 percent in March 2020, up from 3.5 percent in February. That increase was the largest of any month since January 1975.

The proportion of the population who are uninsured began increasing in 2017.

Heading into 2020, the vast majority of Americans are urging leaders in Washington to address the unsustainable national debt and budget deficit.

Powell noted that the current economic expansion is the longest on record and emphasized the need to consider the long-term implications of fiscal policy.

President Trump released his fourth budget, which outlines the administration's policy proposals, budget projections, and economic forecast for the next decade.

Although a range of views exists about optimal near-term fiscal policy, economists agree that America's mounting debt presents significant challenges.

Growth was lower in 2019, and contributing factors to include a slowing in the growth of nonresidential investment and slower growth in the consumption.