The National Debt Can Crowd Out Investments in the Economy — Here’s How
The federal government is slated to borrow about $1.5 trillion this year, and that number is projected to nearly double over the next decade.
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The federal government is slated to borrow about $1.5 trillion this year, and that number is projected to nearly double over the next decade.
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for March 2024.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-march-2024
“We need our leaders to rise to the urgency of the moment, but legislative gridlock continues to prevent progress on even the basics of budgeting," said Michael A. Peterson.
https://www.pgpf.org/press-release/2024/03/peterson-foundation-statement-on-presidents-budget
Most options to increase revenues relate to the payroll tax, since that is where most funding for the trust fund stems from today.
https://www.pgpf.org/blog/2023/10/strengthening-medicare-options-to-increase-revenues
Interest costs are on track to become the largest category of spending in the federal budget.
https://www.pgpf.org/budget-basics/what-are-interest-costs-on-the-national-debt
Medicare is an essential federal program that provides health insurance to millions of older Americans.
https://www.pgpf.org/blog/2023/10/strengthening-medicare-options-to-reduce-costs
Take our quiz to see how much you really know about how revenues are collected and federal funds are spent.
https://www.pgpf.org/quiz/how-much-do-you-know-about-the-federal-budget
The end of 2023 marks another year that the country has failed to improve its daunting fiscal outlook.
Debt held by the public totaled 97 percent of gross domestic product (GDP) at the end of 2022 and is on track to exceed its previous all-time high.
https://www.pgpf.org/blog/2023/10/why-history-shows-the-united-states-will-not-grow-out-of-its-debt
“As Washington navigates short-term budget battles, our long-term fiscal outlook keeps getting more and more dangerous," said Michael A. Peterson.