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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.
“Today’s budget proposal relies on optimistic projections for economic growth and unlikely budget cuts to illustrate deficit reduction,” said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
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.
Social Security and major health programs account for over three-quarters of mandatory spending.
Mandatory spending accounts for about 60 percent of the budget.
The national debt is on an unsustainable path.
https://www.pgpf.org/chart-archive/0202_federal-debt-proj-since-1930
Social Security is the largest program funded by the federal government.
https://www.pgpf.org/chart-archive/0299-social-security-largest-program
