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Following the pattern of previous years, this budget largely relies on very optimistic projections of economic growth and unlikely budget cuts to reduce the deficit.
Powell noted that the current economic expansion is the longest on record and emphasized the need to consider the long-term implications of fiscal policy.
Today, President Trump released his fourth budget, which outlines the administration’s policy proposals, budget projections, and economic forecast for the next decade.
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.
The latest report from the non-partisan Congressional Budget Office (CBO) reiterates that the federal budget is on an unsustainable trajectory.
Growth in 2019 was lower than the 2.9 percent growth in 2018. Key factors contributing to this drop include a significant slowing in the growth of nonresidential investment and, to a slightly lesser degree, slower growth in the consumption of goods and services.
https://www.pgpf.org/blog/2020/01/economic-growth-was-weaker-in-2019-than-in-2018
Understanding the United States’ changing labor force can be a key part of understanding larger trends in the overall economy. Here are key characteristics of the foreign-born population and how they compare to the native-born population.
https://www.pgpf.org/blog/2020/01/the-foreign-born-labor-force-of-the-united-states
As voting begins for the 2020 election season, the majority of Americans believe that addressing the national debt is a crucial issue that warrants action from policymakers.
https://www.pgpf.org/blog/2020/01/five-troubling-takeaways-from-the-latest-cbo-report
A wealth tax would impose a levy on assets owned by an individual or household — as opposed to, for example, an income tax.
https://www.pgpf.org/blog/2020/01/what-is-a-wealth-tax-and-should-the-united-states-have-one
As one decade ends and another begins, there’s no question that our fiscal outlook is daunting. But as we mark this milestone, it’s also helpful to take a closer look at projections from 10 years ago to assess how decisions by lawmakers and other factors have contributed to our fiscal outlook.
https://www.pgpf.org/blog/2020/01/decade-in-review-looking-back-at-cbo-projections-then-and-now
