The International Monetary Fund (IMF) estimates that real (inflation-adjusted) gross domestic product (GDP) in the United States will fall by 8 percent in 2020, according to the latest update to their World Economic Outlook report.
To date, the Paycheck Protection Program (PPP) has disbursed over $500 billion in loans to 5 million businesses, making it the largest component of the U.S.’ legislative response to the coronavirus pandemic. But has it been effective?
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.
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.
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.
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.
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.
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.
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.
