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CBO projects that if current laws remain in place, federal debt will rise to 144 percent of gross domestic product (GDP) within 30 years – far exceeding its all-time high, and nearly doubling today’s level.
Americans want to live in a nation with widespread opportunity, a positive leadership role in the world, and a bright economic future for generations to come.
Every year the Social Security and Medicare Boards of Trustees issue reports on the fiscal health of these vital programs.
The report anticipates that in 2020 — for the first time since 1982 — the program’s total costs will exceed its total income.
Medicare faces significant financial challenges in future years because of rising healthcare spending and an aging population.
A strong fiscal outlook is an essential foundation for a growing, thriving economy – but our current debt-to-GDP ratio is the highest it has been since 1950.
Under current law, federal debt is now projected to reach 150 percent of GDP within 30 years — by far an all-time high.
One issue that most lawmakers and voters agree on is that our tax system needs reform.
Lawmakers are considering significant reforms in a number of key policy areas, including healthcare reform, tax reform, infrastructure and more.