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President Biden’s request for discretionary funding for next year (fiscal year 2022) would substantially increase funding for nondefense programs, particularly in the Departments of Education, Health and Human Services, Housing and Urban Development, and Veterans Affairs.
The outbreak of COVID-19 has been both a public health and an economic crisis. In particular, the closure of many businesses has resulted in an unprecedented surge in unemployment claims in the United States.
The United States currently faces a range of complex challenges including deteriorating infrastructure, a changing climate, and an inadequate system of education.
When most Americans think about businesses in this country, the word “corporation” may come to mind — but the truth is that the vast majority of businesses in the United States are not structured as traditional corporations, but as pass-through entities.
The COVID-19 pandemic has led to a considerable increase in spending — but our long-term debt was already on an unsustainable path.
The President’s budget for fiscal year 2022 calls for a large increase in nondefense discretionary spending next year as well as substantial spending for infrastructure and social programs over the upcoming decade.
Climate change and its effects already impose a cost on the American economy and the federal budget — and looking ahead, the impact could be even more significant.
https://www.pgpf.org/blog/2021/06/how-does-climate-change-affect-the-federal-budget
The United States is on pace to lead the world in debt increase as a percentage of GDP.
https://www.pgpf.org/chart-archive/0310_us_lead_world_debt_increase
Foreign investors own one-third of all U.S. public debt.
https://www.pgpf.org/chart-archive/0311_us_domestic_foreign_debt