10 Charts that Show How the United States Failed to Improve Its Fiscal Outlook in 2023
The end of 2023 marks another year that the country has failed to improve its daunting fiscal outlook.
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The end of 2023 marks another year that the country has failed to improve its daunting fiscal outlook.
The Peterson Foundation works to bring Americans together to find and implement sensible, long-term solutions for our country’s fiscal and economic challenges.
The more important question for fiscal policy is what happens when monetary policy normalizes.
“The national debt is already $34 trillion, but as it grows over the next three decades, we’ll spend more than double that on interest alone,” said Michael A. Peterson.
https://www.pgpf.org/press-release/2024/03/fci-press-release
Debt will continue to accumulate unless reforms are undertaken.
“As we continue to face significant economic turbulence and uncertainty, fiscal confidence is near a record low, because voters know that our growing national debt makes it more difficult to build a strong and stable future,” said Michael A. Peterson, CEO of the Peterson Foundation.
https://www.pgpf.org/press-release/2022/04/fci-press-release
One of the largest drivers of that rising debt is federal spending on major healthcare programs, such as Medicare and Medicaid.
Chairman Paul Ryan's budget aims to shrink the size of government to about 20 percent of gross domestic product (GDP) in 2015 and to 15 percent of GDP in 2050.
With our economy in recovery, our debt rising unsustainably, and our nation still grappling with a devastating pandemic, America faces many critical questions for its future. Where do we go from here?
Top lawmakers and policy experts convene today in Washington for a discussion about America’s economic future at the Peter G. Peterson Foundation’s fifth annual Fiscal Summit.