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“Today’s budget proposal relies on optimistic projections for economic growth and unlikely budget cuts to illustrate deficit reduction,” said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
Although a range of views exists about optimal near-term fiscal policy, economists agree that America’s mounting debt presents significant challenges for our budget and the economy, particularly over the long term.
Social Security and major health programs account for over three-quarters of mandatory spending.
Mandatory spending accounts for about 60 percent of the budget.
The national debt is on an unsustainable path.
https://www.pgpf.org/chart-archive/0202_federal-debt-proj-since-1930
Social Security is the largest program funded by the federal government.
https://www.pgpf.org/chart-archive/0299-social-security-largest-program
The latest report from the non-partisan Congressional Budget Office (CBO) reiterates that the federal budget is on an unsustainable trajectory.
The FT-Peterson US Economic Monitor will track voter sentiment on economic and fiscal issues for the twelve months leading up to the 2020 election.
Historically, debt and deficits rose with wars and economic downturns. Today, they rise from factors such as growing healthcare costs and an aging population.
Debt rises and falls with wars and changes in the economy. Debt is currently higher than it has been at any point since 1948.
