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Our fiscal imbalance crowds out priorities, threatens our economic health, increases the likelihood of a fiscal crisis in the future, and will inhibit our ability to deal with such a crisis if it comes.
As chairman and chief executive officer of the Peter G. Peterson Foundation, Michael Peterson oversees the strategic direction of the Foundation, guiding policy and shaping strategy for its major initiatives, key partnerships, and long-term objectives.
CBO projects that if current laws remain in place, federal debt will rise to 144 percent of gross domestic product (GDP) within 30 years – far exceeding its all-time high, and nearly doubling today’s level.
Every year the Social Security and Medicare Boards of Trustees issue reports on the fiscal health of these vital programs.
The report anticipates that in 2020 — for the first time since 1982 — the program’s total costs will exceed its total income.
Medicare faces significant financial challenges in future years because of rising healthcare spending and an aging population.
Although the debt-to-GDP ratio would decline under the president’s budget, the budget misses an opportunity to address the structural causes of our debt, and relies instead on overly optimistic economic assumptions and reductions in spending that are unlikely to come to pass.
If lawmakers do not agree on raising or suspending the debt limit before the extraordinary measures are exhausted, there would be severe consequences for both the federal government and the economy.