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“It’s unfortunate that even the Committee’s draft package of modest recommendations failed to advance. Significant work remains to address America’s fiscal challenges and the Committee’s proposals could have been a small step in the right direction to improve our budget process." Michael A. Peterson, CEO of the Peter G. Peterson Foundation, said.
Programs that millions of Americans depend on and care about may be feeling a squeeze from interest costs on our high and rising national debt.
Following the 2018 midterm elections, a vast majority of voters across party lines want President Donald Trump and the new Congress to focus on America’s fiscal outlook.
With the 2018 midterm elections approaching, the nation’s long-term fiscal challenges remain a critical issue for America’s future.
“While these ideas represent a start, much more can be done to improve our budget process in order to help achieve more fiscally responsible policies," Michael A. Peterson, CEO of the Peter G. Peterson Foundation, said.
The dust has barely settled on the midterm elections, but there are a number of key fiscal issues not only facing the current Congress in coming weeks, but also awaiting the new Congress, which will convene in early 2019.
“As policymakers begin to prepare for the new landscape in Washington, they have both a requirement and a valuable opportunity to work together on fiscal solutions," Michael A. Peterson, CEO of the Peter G. Peterson Foundation, said.
Last year's tax cuts have had significant implications for the federal budget, our economy, and every family and business in the country.
Seven in ten voters from across the political spectrum say the record national debt will be an important factor in their vote for Congress in next week’s Midterm Elections, according to a new poll.
Candidates from Both Parties Can Add Late Support by Showing Willingness to Reduce the National Debt in a Bipartisan Fashion
Revenues in 2018 didn’t even keep up with inflation, much less growth in nominal gross domestic product.
Growth over the next few years is expected to slow as the recent fiscal stimulus wanes.
The International Monetary Fund warns that U.S. debt levels pose a risk for future economic growth and fiscal stability.
A continuing resolution is a temporary funding measure that Congress can use to fund the federal government for a limited amount of time.
Corporate tax receipts dropped by 31 percent in 2018 — an unprecedented decline during a time of economic growth. The Tax Cuts and Jobs Act is responsible for the plunge.
Trillion-dollar annual deficits not seen since the Great Recession are expected to return as soon as next year, and when that happens, American taxpayers will be paying an average of $1 billion per day in interest costs on the national debt.
“As troubling as this year’s deficit is, it’s just the beginning of large and growing deficits as far as the eye can see," Michael A. Peterson, Chairman and CEO of the Peter G. Peterson Foundation, said.
Negotiating levels of defense spending is often one of the more contentious parts of the budget process. The good news is that there are ways of ensuring America’s security while strengthening our fiscal and economic outlook.
Improving our healthcare system to deliver better quality care at lower cost is critically important to our nation’s long-term economic and fiscal well-being.
A strong fiscal outlook is an essential foundation for a growing, thriving economy.
Other than during the recent recession caused by the financial crisis and its aftermath, the U.S. government has never witnessed deficits that exceeded $1 trillion.
"Tax Cuts 2.0 is a fitting name, because this bill would add more than $2.0 trillion to our national debt over 10 years once it kicks in," Michael A. Peterson, Chairman and CEO of the Peter G. Peterson Foundation, said.
Higher short- and long-term Treasury rates mean that the federal government’s borrowing costs will also rise, thereby generating significant consequences for the budget and the national debt.
SNAP is the largest federal program aimed at combating hunger and food insecurity among low-income Americans.
“With the election six weeks away, the growing national debt is on the minds of American voters,” said Michael A. Peterson, Chairman and CEO of the Peter G. Peterson Foundation.
“Now that our economy has significantly recovered, it is the perfect time to begin a process to get our fiscal house in order," said Michael A. Peterson, Chairman and CEO of the Peter G. Peterson Foundation.
Income levels for Americans vary across geography, race, and gender.
Child poverty reduced the size of the U.S. economy by an estimated $1 trillion dollars, or 5.4 percent of gross domestic product, in 2015, according to a new study.
“Another round of tax cuts financed with borrowed money is doubling down on fiscal irresponsibility," said Michael A. Peterson, Chairman and CEO of the Peter G. Peterson Foundation.
Recent research has found that Social Security is more effective at reducing poverty than previously believed. Without income from Social Security, two thirds of the elderly would be considered poor.
Capital gains are taxed at a lower marginal rate than ordinary income, but the value of that sale is not currently adjusted for inflation.
It may be counterintuitive, but government shutdowns are expensive. They are also bad for the economy.
Many Americans, young and old, may be confused by the complex set of issues that comprise how the government raises revenues and allocates them.
The rising costs of prescription drugs and their effect on Medicare could have serious consequences on our healthcare system and our nation’s long-term fiscal well-being.
As summer turns to fall, members of the United States House of Representatives and Senate return to Washington D.C. to face a number of important policy decisions and deadlines.
“As lawmakers address funding the budget and avoiding a government shutdown, Americans believe that our nation’s fiscal outlook is a critical priority,” said Michael A. Peterson, Chairman and CEO of the Peter G. Peterson Foundation.
The number one financial worry for Americans is having enough money for retirement — and for good reason.
As Election Day approaches, the Peter G. Peterson Foundation is delivering a non-partisan Election Fiscal Toolkit to all U.S. House and Senate candidates, encouraging a critically important conversation about how to solve America’s fiscal challenges.
Across party lines, 8 in 10 voters say Washington should spend more time addressing the national debt.
The Peter G. Peterson Foundation and the Ford Foundation today announced $1.5 million in grant awards for US 2050, a unique research initiative examining the multiple demographic, economic, societal, and fiscal trends shaping America in the decades ahead.
Last year’s tax legislation was a key opportunity to simplify the tax code, but in addition to adding significantly to our national debt, the Tax Cuts and Jobs Act actually increased the number of tax breaks.
“This new CBO report shows just how much more dangerous the future looks if these tax cuts and spending increases are allowed to continue," said Michael A. Peterson, Chairman and CEO of the Peter G. Peterson Foundation.
The general consensus among economists is that the long-term effects of the TCJA will be higher debt and little change to underlying economic growth.
“Less than 100 days from election day, Americans across ages and party lines agree that the national debt should be a priority issue,” said Michael A. Peterson, Chairman and CEO of the Peter G. Peterson Foundation.
“Lawmakers should absolutely take a second look at tax policy, not to extend the irresponsibility, but to implement reforms that actually improve our fiscal situation," said Michael A. Peterson, Chairman and CEO of the Peter G. Peterson Foundation.
High healthcare spending is not necessarily a bad thing, especially if it leads to better health outcomes. However, that is not the case in the U.S.
The OMB released its mid-session review, an annual update and revision of White House budget projections. This report marked the first time that the administration has acknowledged that deficits will surpass $1 trillion in the near term — a level that should be a wake-up call to all Americans.
Young college graduates today are entering the workforce with an unprecedented amount of student debt. How does student debt relate to the economic outlook for younger Americans and the finances of the U.S. government?
Unless Congress can set aside partisanship and address our nation’s fiscal challenges, the growing national debt will “seriously jeopardize and undermine the American economy,” according to former Secretary of Defense Leon Panetta.
Medicare is an essential health insurance program serving millions of Americans, and a major part of the federal budget and our fiscal outlook.
Social Security is the largest single program in the federal budget and makes up approximately one quarter of total federal spending.
Medicare faces significant financial challenges in future years because of rising healthcare spending and an aging population.
The report projects that in 2018 — for the first time since 1982 — the program’s total costs will exceed its total income.
Federal debt is already at its highest level as a percentage of GDP since 1950 and would exceed its all-time high by 2034 under current law.
“Voters are making the connection between recent tax and spending legislation and our rapidly growing national debt and deficits,” said Michael A. Peterson, Chairman and CEO of the Peter G. Peterson Foundation.
Although the need for serious, long-term changes to the funding structure of the Highway Trust Fund is clear, there is disagreement over the approach to do so.
Federal debt is already at its highest level since 1950 and is projected to climb to 152 percent of GDP under current law by 2048 — by far an all-time high.
PAYGO is a budget enforcement mechanism intended to prevent passage of legislation that increases deficits.
“CBO’s report is filled with sobering projections that should be an urgent wakeup call for the Administration and Congress," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
CBO estimates that in 2017 the number of uninsured people under age 65 rose by 1 million people and they anticipate the total to rise by another million people this year.
CBO’s estimate of the cumulative deficit over the next 10 years totals $2.3 trillion more than the Administration had estimated.
Here are the top ten spending categories for the federal budget.
Every year the Social Security and Medicare Boards of Trustees issue reports on the fiscal health of the country’s two largest entitlement programs, Social Security and Medicare.
“These reports drive home the urgent need to ensure that the critical Medicare and Social Security programs are sustainable into the future," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
“Voters continue to be concerned about our rising national debt, and rightly so,” said Michael A. Peterson, Chairman and CEO of the Peter G. Peterson Foundation.
“We’re clearly heading in the wrong direction, and it’s unfortunate that our leaders are not putting forward credible plans to improve our fiscal foundation," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
Michael Peterson recognized this year’s winning team from State University Of New York at Old Westbury.
Peter G. Peterson Foundation President and CEO Michael A. Peterson addresses the nation's fiscal challenges.
In these one-on-one interviews, House and Senate leaders provided perspectives on our nation’s fiscal outlook and policies to ensure sustained economic growth.
Members of US 2050’s Advisory Committee joined together for a discussion, led by David Wessel, on these interconnected trends and the importance of understanding where we’re headed in order to make better policy choices today.
This panel brought together leading experts to explore the potential for a well-designed carbon tax to help put our nation on a more sustainable fiscal path.
In these one-on-one interviews, House and Senate leaders will provide perspectives on our nation’s fiscal outlook and policies to ensure sustained economic growth.
In these one-on-one interviews, House and Senate leaders provided perspectives on our nation’s fiscal outlook and policies to ensure sustained economic growth.
There is a critical connection between America’s fiscal outlook, energy security and role in the world. Dr. Moniz, a nuclear physicist who served as the thirtieth United States Secretary of Energy, brings a unique understanding of these interrelated challenges and trends.
This panel will bring together voices from the private sector and academia to analyze the threats posed by America’s rapidly rising national debt and discuss fiscal solutions to put us on a better path.
Rep. Tom Reed (R-NY) and Rep. Derek Kilmer (D-WA) appeared together on stage to discuss the political challenges in reaching across the aisle, as well as the opportunity that exists for collaboration and compromise to make progress in critical policy areas.
“Debt matters because our fiscal irresponsibility threatens the economic future of every American,” said Michael Peterson, Chairman and CEO of the Peter G. Peterson Foundation.
The team will receive a $10,000 cash prize and meet with legislators on Capitol Hill to share their concerns about America’s looming fiscal challenges.
As campaigns for the 2018 midterm elections get underway within a rapidly changing policy environment, America’s unsustainable fiscal condition remains a transcendent threat to our collective future.
After the national debt eclipsed $21 trillion for the first time in March, voters remain deeply troubled by the country’s fiscal situation.
While the Tax Cuts and Jobs Act of 2017 will likely boost economic growth in the near term, the effects of the legislation are temporary.
Understanding the United States’ changing labor force can be a key part of understanding larger trends in the overall economy. Here are key characteristics of the foreign-born population and how they compare to the native-born population.
Economists generally agree that public investment in infrastructure has a positive effect on productivity, and therefore on gross domestic product.
The concentration of income toward high earners has become more pronounced over the last 36 years.
“Our country is on an unsustainable fiscal path, and reforming our broken budget process can be an important part of improving our fiscal future," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
CBO projects that, on our current path, the deficit will reach nearly $1 trillion next year and will total $12.4 trillion over the ten-year period from 2019–2028.
CBO reports that the fiscal outlook is dramatically worse than it was last year, primarily due to the fiscally irresponsible tax legislation and budget deal that were enacted within the past few months.
“Today’s CBO report confirms that major damage was done to our fiscal outlook in just the past few months," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
On March 15, 2018 the federal government passed an unfortunate milestone: $21 trillion dollars in gross federal debt.
The fairness of our federal tax system is a hotly debated issue. While nearly all Americans pay taxes, the type of taxes paid is very different for taxpayers at different ends of the income distribution.
There are three widely used measures of federal debt. What are the important differences between these measurements?
The Tax Cuts and Jobs Act will lower revenues significantly and made changes to both tax rates and bracket widths.
There are separate limits on the amount of funding that can be provided for defense and nondefense purposes through the appropriation process.
We are deeply saddened by the loss of our Founder and Chairman, Peter G. Peterson, who worked tirelessly to secure the American Dream for future generations.
Increasing the debt limit allows the Treasury to borrow funds to pay for government obligations that have already been incurred as the result of laws and budgets approved by the President and Congress.
“Our mounting debt threatens economic growth, reduces our flexibility to deal with future crises, and diminishes America’s role in the world.," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
“This committee has an important opportunity to improve the budget process in a way that will help encourage fiscally responsible policymaking," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
Proposed work requirements would be a major change in the way that Medicaid works, and would have important implications for the program, its beneficiaries, and the federal budget.
The President’s budget reflects a dramatically worse fiscal outlook than last year’s version released just nine months ago.
Americans’ fiscal confidence is at its lowest point since August 2015, according to the Peter G. Peterson Foundation’s February Fiscal Confidence Index.
Spending on children is shrinking as a percent of GDP.
“Today’s budget represents a dramatically worse outlook than what was released just last May," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
“After adding trillions to our national debt in last year’s irresponsible tax bill, our leaders are now adding another $300 billion in deficits over just the next two years," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
“In order to truly help our economy, infrastructure investments must be paid for, because adding more debt hurts our economy," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
The survey finds that voters across party lines are calling for the President to put forward plans to reduce the national debt.
What is the Children’s Health Insurance Program? How it is financed? Who benefits from it?
“Piecemeal budgeting is a form of fiscal irresponsibility because it injects uncertainty and unpredictability into our economy," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
Putting our nation on a sustainable fiscal path creates a positive environment for growth, opportunity, and prosperity. Unfortunately, America is on a dangerous long-term fiscal path.
As 2018 begins, Americans remain deeply concerned about the national debt.