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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.
It’s important for lawmakers to consider the many available policy options for improving that outlook.
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.
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.
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.
Today, President Trump released his fourth budget, which outlines the administration’s policy proposals, budget projections, and economic forecast for the next decade.
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.
Heading into 2020, the vast majority of Americans are urging leaders in Washington to address the unsustainable national debt and budget deficit.
There is a high rate of child poverty in the United States compared to other developed countries.