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The recent outbreak of COVID-19 has caused a severe public health crisis as well as substantial economic disruption for every American.
https://www.pgpf.org/blog/2020/03/how-can-fiscal-policy-help-avert-a-coronavirus-induced-recession
“The coronavirus outbreak is an unprecedented national emergency, and we need to respond aggressively to address both the public health crisis and the economic risk,” said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
Discretionary spending is projected to remain below its historical average.
https://www.pgpf.org/chart-archive/0185_discretionary_spending
Net interest costs on the national debt are projected to rise sharply.
The U.S. spent more on interest on the national debt than it has on other national priorities over the past decade.
https://www.pgpf.org/chart-archive/0308_interest_spending_priorities
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the latest data for Fiscal Year 2019, charted out monthly and on a year-over-year basis.
Mandatory programs and interest costs will take over more of the federal budget, squeezing discretionary programs.
https://www.pgpf.org/chart-archive/0156_mandatory_discretionary_pies
Social Security is the largest program funded by the federal government.
https://www.pgpf.org/chart-archive/0299-social-security-largest-program
Debt levels have risen in many sectors of the economy.
Student debt is second only to mortgage debt.
https://www.pgpf.org/chart-archive/0221_student_debt_second_largest
