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They are burdened by record student debt. They are entering the workforce during a time of unprecedented economic uncertainty, in a nation with crumbling infrastructure, a climate in crisis, and rising inequality.
“This new report provides the latest evidence that our fiscal condition has worsened significantly since the pandemic began, and will need to be addressed once we’re through the COVID crisis,” said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
The United States spent $686 billion on national defense during fiscal year (FY) 2019 according to the Office of Management and Budget, which amounts to 15 percent of the federal budget.
https://www.pgpf.org/budget-basics/budget-explainer-national-defense
Military activities are funded by federal appropriations to the Department of Defense. Learn more about how military spending is used to meet national priorities in war zones.
https://www.pgpf.org/blog/2020/10/what-are-overseas-contingency-operations
Compensation and medical care make up about 40 percent of the defense budget.
https://www.pgpf.org/chart-archive/0216_compensation_defense_budget
“By any measure, the state of the Union’s fiscal outlook is unsustainable, and getting worse,” said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
Programs that millions of Americans depend on and care about may be feeling a squeeze from interest costs on our high and rising national debt.
Admiral Michael G. Mullen began by making a strong connection between our national security and fiscal health, saying that our debt is an issue that requires a “sense of urgency … and we really need fix it very, very quickly” as a fundamental part of ensuring our strength at home and abroad.
Our most popular charts from 2016 illustrate the nation's fiscal challenges in areas like defense spending, healthcare, and tax reform.
https://www.pgpf.org/blog/2016/12/top-7-fiscal-charts-from-2016
Former Secretary of State Madeleine Albright discusses the connection between fiscal policy and national security with CNN’s Chris Cuomo.