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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.
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the latest data for Fiscal Year 2020, charted out monthly and on a year-over-year basis.
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.
“As our nation continues to recover from the pandemic, this budget proposal outlines significant investments aimed at addressing a range of national challenges," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
In March, President Biden released details for the proposed American Jobs Plan. It would be a massive investment in a range of national priorities including transportation, climate change, caregiving, and housing.
https://www.pgpf.org/infographic/what-is-in-the-american-jobs-plan
“In the last month alone, the concerns about our growing national debt have spiked meaningfully,” said Michael A. Peterson, CEO of the Peterson Foundation.
https://www.pgpf.org/press-release/2021/05/fci-press-release
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