The Macroeconomic Gains from Stabilizing and Reducing Federal Debt
By making gradual changes to federal spending and revenue, lawmakers can not only stabilize our fiscal outlook, but also provide long-run economic benefits.
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By making gradual changes to federal spending and revenue, lawmakers can not only stabilize our fiscal outlook, but also provide long-run economic benefits.
Tax expenditures are costly for the federal government but they can be effective vehicles for lawmakers to achieve policy goals.
The federal government spent $90 billion on housing assistance in 2021, an increase of almost 70 percent from the preceding year.
Many factors contribute to the long-term outlook for the U.S. economy and budget, but there are two major drivers of spending: demographics and rising healthcare costs.
https://www.pgpf.org/the-fiscal-and-economic-challenge/drivers
The economy goes through cyclical movements over time, with periods of growth followed by downturns. To help improve responsiveness to fluctuations in the business cycle, a number of important programs in the federal budget automatically increase or restrain spending depending on economic conditions.
https://www.pgpf.org/budget-basics/what-are-automatic-stabilizers-and-how-do-they-affect-the-budget
The growing debt is caused by a structural mismatch between spending and revenues.
Prior to the Great Depression deficits were unusual in the U.S. Budget. Surpluses occurred in about two-thirds of the years between 1800 to 1929.
https://www.pgpf.org/chart-archive/0023_federal-deficit-surplus
As a large portion of the American population lives well beyond retirement age, the total cost of providing healthcare will grow as well.
https://www.pgpf.org/blog/2024/05/how-does-the-aging-of-the-population-affect-our-fiscal-health
Did you know that the federal government is the direct lender for nearly all student loans in the U.S., lending trillions of dollars to millions of borrowers to help increase access to higher education?
https://www.pgpf.org/blog/2022/06/how-do-federal-student-loans-affect-the-national-debt
Social Security is the largest single program in the federal budget and makes up approximately one quarter of total federal spending.
https://www.pgpf.org/budget-basics/how-does-social-security-work