U.S. GDP to Fall 5.6% Due to Coronavirus, According to New CBO Projections
The new numbers demonstrate the severe economic damage and significant fiscal implications of this unprecedented crisis.
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The new numbers demonstrate the severe economic damage and significant fiscal implications of this unprecedented crisis.
While nearly all Americans pay taxes, the composition of the type of taxes paid is very different for taxpayers at various points in the income distribution.
https://www.pgpf.org/blog/2020/07/how-does-the-tax-system-work
One of the largest drivers of that rising debt is federal spending on major healthcare programs, such as Medicare and Medicaid.
“Across party lines, vast majorities of voters believe that divided government brings an important responsibility for our leaders to work together to secure our fiscal future,” said Michael A. Peterson, CEO of the Peterson Foundation.
https://www.pgpf.org/press-release/2023/01/fci-press-release
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for December 2022.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-december-2022
Americans remain highly concerned about the nation’s fiscal health, according to the Peter G. Peterson Foundation’s November Fiscal Confidence Index, a monthly measure of public attitudes about the nation’s long-term debt and the efforts elected leaders are making to address America’s fiscal challenges.
https://www.pgpf.org/press-release/2015/11/fci-press-release
The answer to how to address the multitude of challenges and their disproportionate impact is to pay for it — set priorities and ensure there is revenue to meet those priorities — not through smoke and mirrors or budget gimmicks.
https://www.pgpf.org/expert-views/americas-fiscal-and-economic-outlook/debt-matters
“Rising interest rates mean rising interest costs, and Americans understand that’s a major problem for a country that’s $30 trillion in debt,” said Michael A. Peterson, CEO of the Peterson Foundation.
https://www.pgpf.org/press-release/2022/03/fci-press-release
Founder and Chairman Pete Peterson established the Foundation in 2008 to raise awareness of America’s long-term fiscal challenges and to find solutions to help build a growing, thriving economy.
https://www.pgpf.org/what-we-are-doing/fiscal-summit/2017-fiscal-summit/a-sustainable-fiscal-future
The Peter G. Peterson Foundation releases a statement on the report of the National Commission on Fiscal Responsibility and Reform.