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The Peter G. Peterson Foundation is a non-partisan, non-profit organization focused on building a brighter economic future for all Americans. Browse news from the Foundation, and read about our upcoming events.

Blog Posts
14 Charts That Illustrate Our Fiscal Situation as We Close Out 2021

These charts tell the fiscal story of 2021 — looking back at how our fiscal situation deteriorated over the past year and what challenges lie ahead.

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December 3, 2021
Blog Posts
What is a Continuing Resolution?

A continuing resolution is a temporary funding measure that Congress can use to fund the federal government for a limited amount of time.

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December 3, 2021
Blog Posts
How Much Money Is Left in COVID-19 Relief Programs?

As of November 2021, about $4.9 trillion, or 85 percent of the authorized amount, has been committed or disbursed. Some of the $850 billion in remaining funds, such as the increased federal support for state Medicaid programs, are expected to be spent over the following years.

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December 1, 2021
Blog Posts
Spending on Unemployment Insurance is Returning to Pre-Pandemic Levels

Unemployment Insurance (UI) was a critical part of the federal government’s response to the recession caused by the coronavirus (COVID-19) pandemic.

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November 30, 2021
Press Releases & Statements
US Fiscal Confidence Falls to 7-Year Low amid Rising Concerns about Inflation and as Lawmakers Advance Major Legislation

“This seven-year low in our fiscal confidence index is a clear sign that voters are concerned about our nation’s fiscal sustainability, and Congress should keep this in mind as they shape major budget legislation,” said Michael A. Peterson, CEO of the Peterson Foundation.

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November 23, 2021
Infographics
What is in the Build Back Better Act?

The legislation includes support for families and lower-income households, funding for climate change, infrastructure and healthcare, and a range of other social investments and tax policy. The new spending is mostly, but not fully, offset by other savings in the bill.

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November 22, 2021
Blog Posts
“Build Back Better” is Mostly Paid For — But Uses Budget Gimmicks

The Build Back Better Act includes spending on a wide variety of policy areas. If enacted, the legislation would provide benefits for many lower-income households and take steps to address climate change and other social investments.

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November 22, 2021
Press Releases & Statements
Peterson Foundation Statement on CBO Score of Build Back Better Act

“This CBO score is the latest evidence that this bill needs to be improved as it moves through the legislative process," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.

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November 18, 2021
Blog Posts
Income and Wealth in the United States: An Overview of Recent Data

Income levels for Americans vary across geography, race, and gender.

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November 17, 2021
Blog Posts
Bipartisan Infrastructure Bill Less than 40 Percent Paid For

Despite lawmakers’ claims, analysts anticipate that a large portion of the spending called for by the infrastructure package will need to be deficit financed.

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November 15, 2021
Blog Posts
Leading Economists: The Economy Bounced Back Fast, But Major Questions Remain

With our economy in recovery, the national debt rising unsustainably, the country still grappling with a devastating pandemic, and lawmakers pursing significant new legislation, America faces many critical questions for its future. To shed light on the best way forward, two top economists participated in a panel discussion as part of the latest edition of the Peterson Foundation Economic Forum.

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November 11, 2021
Infographics
Infographic: What Is the Debt Limit?

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.

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November 10, 2021
Analysis
Debt Ceiling Update: What’s at Stake

If lawmakers do not agree on raising or suspending the debt limit before the extraordinary measures are exhausted, there would be severe consequences for both the federal government and the economy.

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November 10, 2021
Blog Posts
Income Inequality Has Been on the Rise Since the 1980s, and Continues Its Upward Trajectory

Average income among households in the lowest fifth of the income distribution was $21,000, while income for households in the highest fifth averaged $291,000.

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November 9, 2021
Press Releases & Statements
Peterson Foundation Convenes Fiscal and Economic Experts to Answer the Question: Where Do We Go From Here?

10 New Papers and Upcoming Virtual Event Highlight Policy Solutions on Economic Recovery and Rising Debt as America Emerges from Pandemic

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November 8, 2021
Blog Posts
The Labor Market Recovery Continued in October

There were 531,000 jobs added in October, as the unemployment rate declined for the fourth consecutive month. However, the unemployment rate remains high, especially for non-white workers. Get the facts here.

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November 5, 2021
Blog Posts
Delta Variant Slows Economy, But Output Still Better than Pre-Pandemic Levels

The economy continued to grow in the third quarter of 2021, but at a slightly slower pace than previous quarters due to the delta variant of COVID-19.

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November 1, 2021
Press Releases & Statements
Peterson Foundation Statement on Build Back Better Framework

“Timing gimmicks not only game the budget, but can be highly disruptive to our economy and society because of the year-to-year uncertainty they present for millions of Americans," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.

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October 28, 2021
Blog Posts
Three Key Things to Know about CHIP

The Children’s Health Insurance Program, or CHIP, is a key piece of the social safety net and is aiding in the economy recovery process due to the effects of the COVID-19 pandemic.

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October 28, 2021
Press Releases & Statements
Increase in Voter Concern about National Debt Reaches All-Time High as Budget Negotiations Continue

“This record level of voter concern about our national debt reinforces the urgent need for fiscal responsibility and should encourage lawmakers to fulfill their promise to fully fund new programs,” said Michael A. Peterson, CEO of the Peterson Foundation.

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October 28, 2021
Blog Posts
Student Debt Has Increased Sevenfold over the Last Couple Decades. Here’s Why.

The sharp rise in student debt has sparked debate among policymakers on whether, and how, to address it.

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October 26, 2021
Explainers
Budget Basics: Federal Trust Funds

Federal trust funds bear little resemblance to their private-sector counterparts.

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October 18, 2021
Blog Posts
Here's What a Budget Gimmick Is and How to Spot One

Lawmakers in the House and Senate are discussing a range of policies under what’s known as reconciliation. To their credit, they have pledged to offset the cost of the legislation, so that the bill won’t add to the country’s already unsustainable debt and deficits.

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October 15, 2021
Blog Posts
Can the TRUST Act Help Fix the Social Security, Medicare, and Highway Trust Funds?

Several federal programs that are governed by trust funds are facing serious funding shortfalls. As a result, such trust funds, including the retirement portion of Social Security, Medicare’s Hospital Insurance Trust Fund, and the Highway Trust Fund, are projected to be exhausted in the near future.

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October 14, 2021
Blog Posts
How Are We Paying for the Federal Response to the Coronavirus?

The federal government has enacted five pieces of legislation that provide relief to individuals and corporations that have been affected by the COVID-19 pandemic. To finance those provisions, the Treasury Department has ramped up its borrowing.

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October 12, 2021
Blog Posts
Housing Insecurity: What is the Federal Government Doing to Prevent Evictions during the Pandemic?

Housing insecurity is an ongoing issue for millions of American families. COVID-19 and its economic impact exacerbated an existing shortage of affordable housing that far predated the pandemic.

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October 6, 2021
Blog Posts
Should the Corporate Income Tax Rate be Raised?

The possibility of raising the corporate tax rate has spurred a debate among economists and policymakers about the optimal corporate income tax rate to balance revenue generation and U.S. competitiveness.

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October 1, 2021
Explainers
Broadband Access and The Digital Divide: What Is the Government’s Role?

Broadband is an indispensable tool for aspects of everyday life such as employment, education, and healthcare. As a result, federal policymakers have prioritized funding it.

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October 1, 2021
Explainers
What is a Carbon Tax? How Would It Affect the Economy?

In light of the growing urgency of the climate crisis, many lawmakers, advocacy groups, and American citizens are calling for the government to undertake policies to more comprehensively address climate change.

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September 30, 2021
Press Releases & Statements
New Poll: 9 in 10 Democrats and Republicans want Budget Reconciliation Package Fully Paid For

“Voters have made it overwhelmingly clear that they want their leaders to pay for all new spending with credible offsets, and they strongly support many proposed options to fully fund the package,” said Michael A. Peterson, CEO of the Peterson Foundation.

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September 28, 2021
Blog Posts
What is SNAP? An Overview of the Largest Federal Anti-Hunger Program

SNAP is the largest federal program aimed at combating hunger and food insecurity among low-income Americans.

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September 21, 2021
Press Releases & Statements
Peterson Foundation Statement on Reconciliation Bill Progress in the House

“As the bill moves through the process, there is no shortage of options to fully pay for these new programs using credible offsets and realistic assumptions," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.

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September 15, 2021
Blog Posts
Here's How Democrats Would Pay for Their New Spending Proposals

Democratic leaders this week for the first time revealed specific details for how they intend to pay for, or offset, the approximately $3.5 trillion of spending in their reconciliation bill.

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September 15, 2021
Blog Posts
What Is Fiscal Policy? Interactive Teaching Tools

Many Americans, young and old, may be confused by the complex set of issues that comprise how the government raises revenues and allocates them.

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September 14, 2021
Blog Posts
How Do We Tax Energy in the United States? How Does It Compare to Other Countries?

A key part of the Biden administration’s policy agenda in 2021 relates to our nation’s energy policy, and in particular, there have been important debates among policymakers about how we use the tax code to incentivize economically and environmentally beneficial behavior.

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September 13, 2021
Blog Posts
What’s the Price Tag on Reconciliation – and Will It Be Paid For?

Components of a large legislative package — that could carry a price tag of as much as $3.5 trillion — is now being debated in the House of Representatives.

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September 10, 2021
Blog Posts
How Does Student Debt Affect the Economy?

Proposals such as a regulatory restructuring of repayment plans and cancellation of student debt through personal bankruptcy or other means have been offered as reforms to address the growing student debt burden.

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September 7, 2021
Blog Posts
Five Charts about the Future of Social Security and Medicare

The Social Security and Medicare Trustees released their annual reports, which show that these vital programs are on an unsustainable path.

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September 7, 2021
Explainers
Budget Basics: Medicare

Medicare is an essential health insurance program serving millions of Americans, and a major part of the federal budget and our fiscal outlook.

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September 2, 2021
Explainers
Budget Basics: How Does Social Security Work?

Social Security is the largest single program in the federal budget and makes up approximately one quarter of total federal spending.

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September 1, 2021
Blog Posts
Social Security and Medicare Are Facing Serious Shortfalls

The Social Security Trustees note that the Old-Age and Survivors Trust Fund is now expected to become depleted in 2033, compared to 2034 in last year’s report.

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September 1, 2021
Press Releases & Statements
Peterson Foundation Statement on Social Security and Medicare Trustees Reports

“It makes no sense that we allow programs as essential as Social Security and Medicare to remain on such shaky and uncertain fiscal ground," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.

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August 31, 2021
Blog Posts
Deficits will Remain over $1 Trillion for the Next Decade

Over the next 10 years, the cumulative deficit would total $13.9 trillion if the President’s policies were carried out.

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August 30, 2021
Press Releases & Statements
New Poll: 9 in 10 Voters, Democrats and Republicans, Want $3.5 Trillion Reconciliation Package Fully Paid For

“It’s rare to see bipartisan agreement on any issue, yet overwhelming majorities of American voters from both parties want their leaders to fully pay for this reconciliation package,” said Michael A. Peterson, CEO of the Peterson Foundation.

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August 26, 2021
Explainers
10 Largest Budget Functions

Here are the top ten spending categories for the federal budget.

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August 18, 2021
Blog Posts
What Economic Effects Can We Expect from the Bipartisan Infrastructure Bill?

Infrastructure investment has important impacts on the economy, and this piece examines the economic effects that could be expected from the bipartisan physical infrastructure plan that is currently being debated.

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August 12, 2021
Press Releases & Statements
Peterson Statement on Senate Infrastructure Bill and CBO Score

“This bill has been formed through constructive, bipartisan policymaking and includes important investments in our economy, but it falls short of being fiscally balanced," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.

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August 5, 2021
Explainers
Budget Basics: National Defense

The United States spent $725 billion on national defense during fiscal year (FY) 2020 according to the Office of Management and Budget, which amounts to 11 percent of federal spending.

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August 2, 2021
Blog Posts
How Will Interest Rate Changes Affect Federal Debt and Deficits?

Due to the COVID-19 pandemic and the resulting monetary policy response, short-term interest rates are currently near zero and longer-term rates are historically low.

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July 29, 2021
Blog Posts
A Year After the Worst Economic Contraction Ever Recorded, Output Returns to Pre-Pandemic Levels

The continued economic recovery, fueled by consumer spending, brought economic output back to its pre-pandemic level just a year after the worst economic contraction ever recorded.

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July 29, 2021
Press Releases & Statements
As Lawmakers Pursue Infrastructure Policies, Voters Call on Leaders to Pay for their Priorities

“Leaders from both parties have pledged to fully offset the cost of new spending, and voters want them to honor this commitment,” said Michael A. Peterson, CEO of the Peterson Foundation.

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July 29, 2021
Press Releases & Statements
Peterson Foundation Statement on Bipartisan Infrastructure Legislation

“It is encouraging that leaders in the U.S. Senate have reached an historic bipartisan agreement to invest in national infrastructure," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.

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July 28, 2021
Blog Posts
The Federal Reserve Holds More Treasury Notes and Bonds than Ever Before

The U.S. Federal Reserve has significantly ramped up its holdings of Treasury securities as part of a broader effort to counteract the economic impact of the coronavirus (COVID-19) pandemic. Currently, the Federal Reserve holds more Treasury notes and bonds than ever before.

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July 28, 2021
Press Releases & Statements
NYC Small Business Resource Network Launches ‘Open + Online’ to Help Small Business Owners Access Digital Economy as Pandemic Accelerates E-Commerce Trend

“NYC Small Biz: Open + Online,” a new initiative to help small businesses to participate in the growing digital economy, was launched today by the NYC Small Business Resource Network (SBRN), a unique public-private partnership among the New York City Economic Development Corporation, the Peter G. Peterson Foundation, the five borough Chambers of Commerce, NYC Department of Small Business Services and the Partnership for New York City.

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July 22, 2021
Press Releases & Statements
New policy-focused research examines COVID-19 societal impact

Eight innovative research projects led by Northwestern faculty and funded by recent $1 million Peterson Foundation grant get underway

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July 22, 2021
Blog Posts
Interest Costs on the National Debt Projected to Nearly Triple over the Next Decade

The rising national debt carries substantial costs today and poses an even greater toll on America’s future.

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July 22, 2021
Blog Posts
Here’s What We Know about Foreign-Born Workers in the U.S. — and How Their Demographics Compare to the Native-Born Population

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.

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July 19, 2021
Blog Posts
The United States Spends More on Defense than the Next 11 Countries Combined

U.S. defense spending increased substantially from 2019 to 2020 relative to other countries.

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July 19, 2021
Blog Posts
What to Know About the New Monthly Child Tax Credit Payments

A key provision of the ARP advances half of the expected credit for 2021 in periodic payments, which have now begun.

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July 16, 2021
Blog Posts
Does Lowering or Raising Corporate Taxes Affect How Businesses Invest in the Economy?

Adjustments to the U.S. corporate income tax system could influence the level of domestic investment, economic growth, and hiring; such adjustments would also alter the amount of revenues collected by the federal government, which would have an effect on the nation’s fiscal outlook.

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July 16, 2021
Blog Posts
What is Free College and How Much Would It Cost?

While the United States does not currently have a nationwide free college program, a number of such initiatives have been proposed in the past few years.

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July 15, 2021
Infographics
Infographic: The Facts About U.S. Defense Spending

National security is both a vital priority and a significant part of the federal budget.

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July 15, 2021
Blog Posts
How the Lack of Action on the Debt Limit Can Hurt the Economy

Even if Congress raises the debt limit and avoids default, last-minute brinksmanship alone has the potential to create economic damage.

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July 15, 2021
Explainers
What is Budget Reconciliation?

Reconciliation provides for expedited consideration of certain legislation; its use is particularly important in the Senate because it limits the time allowed for debate and prevents the inclusion of non-budgetary provisions.

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July 14, 2021
Explainers
How Is K-12 Education Funded?

Public schools for students in kindergarten through 12th grade are financed through a combination of local, state, and federal dollars in proportions that vary across and within states.

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July 14, 2021
Blog Posts
What’s in the American Families Plan?

President Biden’s budget for fiscal year 2022 outlines new details of the American Families Plan (AFP), a $1.7 trillion package including major new investments in education, childcare, healthcare, and family leave.

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July 7, 2021
Blog Posts
What Is the SALT Cap, and Why Do Some Lawmakers Want to Repeal It?

The deduction of state and local tax payments (known as SALT) from federal income taxes has been a subject of debate among economists and policymakers over the past few years — with significant implications for our budget and fiscal outlook.

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July 6, 2021
Blog Posts
Spending on Medicaid Spiked Due to the Coronavirus Pandemic

The coronavirus (COVID-19) pandemic has caused federal spending on Medicaid to rise sharply as millions of Americans seek benefits under the program.

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July 6, 2021
Blog Posts
The National Debt Will Hit Its All-Time High by the End of the Decade, and Other Takeaways from the Latest CBO Report

While deficits will decline over the next few years as the pandemic wanes and the economy recovers, the nation will remain on an unsustainable fiscal trajectory due to a structural mismatch between spending and revenues.

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July 1, 2021
Press Releases & Statements
Peterson Foundation Statement on New CBO 10-year Budget and Economic Outlook

“This new CBO report shows that our national debt will reach a record level over the next decade," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.

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July 1, 2021
Blog Posts
What’s in Biden's Infrastructure Plan and How He Proposes Paying for It

President Biden’s recently released budget for fiscal year 2022 shows new details for his proposed American Jobs Plan — a nearly $2.6 trillion package aimed at addressing a range of issues, including transportation and other infrastructure, climate change, caregiving, and housing.

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June 30, 2021
Blog Posts
New Poll: 9 in 10 Voters Say Lawmakers Should Pay for Infrastructure

As the Biden administration and a bipartisan group lawmakers discuss a range of infrastructure investments, vast majorities of voters — including Democrats and Republicans — are calling on leaders to pay for their priorities.

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June 29, 2021
Press Releases & Statements
As Lawmakers Pursue Infrastructure, Voters Remain Deeply Concerned about National Debt

“Americans across party lines understand that fiscal responsibility is an essential component of effective leadership and policymaking,” said Michael A. Peterson, CEO of the Peterson Foundation.

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June 29, 2021
Press Releases & Statements
Peterson Foundation Statement on Bipartisan Infrastructure Deal

“Bipartisanship is important, and so is our $28 trillion national debt. Working across the aisle to address important needs of our nation is an essential component of a functioning democracy." said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.

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June 24, 2021
Infographics
What is in the American Jobs Plan?

In May, the Administration released details for the proposed American Jobs Plan. It would be a massive investment in a range of national priorities including transportation, climate change, caregiving, and housing.

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June 24, 2021
Blog Posts
What is the Stepped-Up Basis, and Why Does the Biden Administration Want to Eliminate It?

The step-up in basis is a provision in tax law that relates to how assets — such as stocks, bonds, or real estate — are valued and taxed after their owner passes away.

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June 21, 2021
Press Releases & Statements
Peterson Foundation Statement on Infrastructure Policy Developments

“As leaders continue to seek bipartisan common ground on investments in our nation’s infrastructure, it’s critical that they maintain a fiscally responsible approach and pay for their priorities," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.

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June 16, 2021
Blog Posts
President Biden’s Budget Calls for Increased Spending on Education, Housing, Veterans, and More

President Biden’s request for discretionary funding for next year (fiscal year 2022) would substantially increase funding for nondefense programs, particularly in the Departments of Education, Health and Human Services, Housing and Urban Development, and Veterans Affairs.

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June 15, 2021
Blog Posts
How Does the Capital Gains Tax Work Now, and What Are Some Proposed Reforms?

While the capital gains tax affects anyone selling a capital asset, higher-income individuals are typically subject to the tax more so than average Americans.

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June 8, 2021
Press Releases & Statements
Baruch College Students Win ‘Up to Us’ National Policy and Advocacy Competition

Innovative next-gen campaign raises awareness among college students, policymakers about the impact of U.S. fiscal and economic policy issues on their future.

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June 7, 2021
Blog Posts
Investment vs. Consumption: How Well are We Preparing for Our Future?

The United States currently faces a range of complex challenges including deteriorating infrastructure, a changing climate, and an inadequate system of education.

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June 7, 2021
Blog Posts
What Is the Difference Between a Corporation and a Pass-Through Business — and Why Does It Matter for Our Economy and Budget?

When most Americans think about businesses in this country, the word “corporation” may come to mind — but the truth is that the vast majority of businesses in the United States are not structured as traditional corporations, but as pass-through entities.

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June 4, 2021
Blog Posts
National Debt to Measure Nearly Double the Size of the Economy in 30 Years

The COVID-19 pandemic has led to a considerable increase in spending — but our long-term debt was already on an unsustainable path.

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June 2, 2021
Blog Posts
President Biden's Budget Would Pay for New Spending — But Doesn't Address the Debt He Inherited

The President’s budget for fiscal year 2022 calls for a large increase in nondefense discretionary spending next year as well as substantial spending for infrastructure and social programs over the upcoming decade.

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May 28, 2021
Press Releases & Statements
Peterson Foundation Statement on Biden Administration’s Budget Proposal

“As our nation continues to recover from the pandemic, this budget proposal outlines significant investments aimed at addressing a range of national challenges," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.

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May 28, 2021
Press Releases & Statements
Howard University and WISER Awarded $1.9 Million Grant from the Peterson Foundation to Support Increased Diversity in the Field of Economics

A new five-year, $1.9 million grant will support the Howard University Department of Economics and the Women’s Institute on Science, Race and Equity (WISER) in their innovative work to increase diversity in the field of economics and promote greater inclusion in fiscal and economic policymaking.

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May 27, 2021
Explainers
The U.S. Corporate Tax System Explained

Presently, revenues raised by the corporate income tax represent the third-largest category of federal tax revenue in the United States, trailing those generated from the individual income and payroll taxes.

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May 26, 2021
Press Releases & Statements
As Talks Continue on Major Legislation, Americans want Fiscal Responsibility

“In the last month alone, the concerns about our growing national debt have spiked meaningfully,” said Michael A. Peterson, CEO of the Peterson Foundation.

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May 25, 2021
Blog Posts
How Does Climate Change Affect the Federal Budget?

Climate change and its effects already impose a cost on the American economy and the federal budget — and looking ahead, the impact could be even more significant.

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May 24, 2021
Blog Posts
Here Are Some Holes in the Social Safety Net That the Pandemic Highlighted

The unprecedented size of the economic disruption, however, put the safety net to the test, revealing weaknesses that often prevented support from reaching some of the neediest families in a timely manner.

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May 21, 2021
Blog Posts
How Did Americans Spend Their Stimulus Checks and How Did It Affect the Economy?

The way in which Americans have been spending their stimulus checks has differed across each round of payments.

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May 14, 2021
Blog Posts
Should We Eliminate the Social Security Tax Cap? Here Are the Pros and Cons

There have been a number of proposals to increase, eliminate, or otherwise adjust the payroll tax cap as a way to shore up Social Security’s finances.

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May 13, 2021
Blog Posts
How Does the Republican Infrastructure Plan Compare to President Biden's Proposal?

Let’s take a closer look at the key components of the Senate Republican infrastructure proposal, highlighting some of the differences between it and the American Jobs Plan in terms of scope and potential pay-fors.

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May 12, 2021
Blog Posts
Five Different Ways of Raising Taxes on the Wealthiest Americans

The administration and Congress have suggested adding new sources of revenue through various types of taxation of wealth.

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May 7, 2021
Blog Posts
10 Key Facts about Student Debt in the United States

While investing in a college education has undeniable, lifelong economic benefits, excessive levels of student debt can impose hefty financial burdens on borrowers.

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May 5, 2021
Blog Posts
United States Projected to See Rapid Economic Growth — the Highest Among Developed Countries

Economists don’t always agree — but there is a wide consensus developing that the United States is in store for rapid economic growth.

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May 3, 2021
Press Releases & Statements
As Lawmakers Propose Paying for Their Priorities, U.S. Fiscal Confidence Highest in 2.5 Years

“Voters are clearly enthusiastic that lawmakers are finding ways to pay for their priorities rather than add more to the national debt,” said Michael A. Peterson, CEO of the Peterson Foundation.

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April 30, 2021
Blog Posts
The Economy Is Getting Close to Its Pre-Pandemic Level

The continued economic recovery and reopening of businesses has been fueled by COVID relief programs and an accelerating vaccination effort.

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April 29, 2021
Press Releases & Statements
Peterson Statement on Biden Administration’s Proposals

“The Biden Administration has put forward thoughtful proposals aimed at creating jobs for working- and middle-class families, increasing our global competitiveness, and addressing important national priorities like infrastructure, climate change, and racial equity," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.

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April 28, 2021
Blog Posts
Six Charts That Show How Low Corporate Tax Revenues Are in the United States Right Now

Compared to historical trends and other advanced economies, corporate tax revenues in the United States are very low.

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April 28, 2021
Blog Posts
Could COVID Relief Lead to Inflation? Here’s What Economists Are Saying

Despite the consensus among economists that some amount of inflation is likely to occur in the near term, their level of concern varies.

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April 28, 2021
Blog Posts
What Are the Economic Costs of Child Poverty?

Even before the COVID-19 pandemic, 1 in 7 children were classified as being in poverty.

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April 21, 2021
Blog Posts
Why Do States Receive Different Amounts of Federal COVID Aid?

Generally, states with larger populations have been receiving more federal dollars from COVID-19 relief programs as such states typically have more unemployed persons, small businesses, and healthcare providers to which that relief has been targeted.

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April 19, 2021
Blog Posts
How Much of the Latest Federal Stimulus Will Go to State and Local Governments?

One key component of the $1.9 trillion package is an estimated $362 billion in federal aid to state, local, territorial, and tribal governments to cover expenditures incurred due to the public health emergency.

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April 15, 2021
Explainers
What is Inflation and Why Does it Matter?

Here’s an overview of inflation, why it matters, and how it’s managed.

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April 14, 2021
Explainers
What Is the Child Tax Credit?

The child tax credit (CTC) is a measure administered though the tax code that is designed to make raising children more affordable by easing the financial burden faced by families.

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April 13, 2021
Explainers
What Is the Earned Income Tax Credit?

The earned income tax credit (EITC) is a measure administered through the tax code to address poverty. It was first enacted in 1975 on a temporary basis amid broader debates about welfare reform and had the primary goal of encouraging people to obtain employment.

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April 12, 2021
Explainers
Payroll Taxes: What Are They and What Do They Fund?

Most working Americans are subject to payroll taxes, which are usually deducted automatically from an employee’s paycheck. Employers are also often subject to these types of taxes.

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April 8, 2021
Blog Posts
The United States Forgoes Hundreds of Billions of Dollars Each Year Due to Unpaid Taxes

Cracking down on the tax gap would not only introduce more fairness into the system, but it could be a big help for our nation’s fiscal imbalance — to the tune of hundreds of billions of dollars every year.

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April 6, 2021
Explainers
Budget Basics: Who Pays Taxes?

The fairness of our federal tax system is a hotly debated issue. Too often, however, those debates confuse or misrepresent important facts because they focus on one type of tax in isolation rather than the various taxes that people face in aggregate.

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April 6, 2021
Blog Posts
How is the Government Supporting Small Businesses During the Coronavirus Pandemic?

America’s small businesses have been severely impacted by the economic downturn caused by the pandemic — and lawmakers have focused a significant part of federal relief on helping this critical part of our economy.

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April 5, 2021
Press Releases & Statements
Peterson Foundation Grant to Fuel Northwestern COVID-19 Research

New $1 million research initiative will help inform and improve pandemic relief and recovery policies.

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April 1, 2021
Blog Posts
Long-Term Unemployment Has Quadrupled, and That's a Problem for the Economy

The number of individuals experiencing long-term unemployment (lasting 27 weeks or longer) has quadrupled during the coronavirus (COVID-19) pandemic.

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April 1, 2021
Press Releases & Statements
U.S. Fiscal Confidence Drops as Pandemic Accelerates America’s Debt Challenges

“Voters understand that we are continuing to endure a terrible public health and economic crisis, but they also realize that we are piling on trillions of debt to what was already an unsustainable fiscal outlook,” said Michael A. Peterson, CEO of the Peterson Foundation.

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March 30, 2021
Blog Posts
How Has the Coronavirus Pandemic Affected Federal Spending on SNAP?

Since April 2020, the federal government has spent an average of $9 billion per month on SNAP — 71 percent higher than the amount spent in March 2020 (before the pandemic was widely recognized).

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March 23, 2021
Blog Posts
It’s Been 28 Years Since We Last Raised the Gas Tax, and Its Purchasing Power Has Eroded

The decline in purchasing power has important implications for the federal budget and our nation’s infrastructure, and has led some to call for a new effort to address the gas tax.

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March 16, 2021
Blog Posts
What to Know About All Three Rounds of Coronavirus Stimulus Checks

Three sets of stimulus checks have been issued to eligible recipients as part of the pandemic relief. Each set of payments have been slightly different.

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March 15, 2021
Blog Posts
Here’s Everything the Federal Government Has Done to Respond to the Coronavirus So Far

The coronavirus pandemic has caused a severe public health crisis as well as substantial economic disruption for every American. So far, lawmakers have enacted five separate pieces of legislation.

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March 15, 2021
Infographics
What's In the American Rescue Plan?

Here's a breakdown of the major programs in the American Rescue Plan and how much they cost.

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March 10, 2021
Blog Posts
National Debt to Double in Size and Other Key Takeaways from the CBO Long-Term Outlook

The report highlights the structural misalignment in the country’s budget and the resulting unsustainable fiscal trajectory.

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March 4, 2021
Press Releases & Statements
Peterson Statement on CBO’s Long-Term Outlook

“Today’s report provides a troubling snapshot of America’s fiscal outlook, which we know will only get worse from here,” said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.

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March 4, 2021
Infographics
The National Debt Is Now More than $28 Trillion. What Does That Mean?

Although the debt affects each of us, it may be difficult to put such a large number into perspective and fully understand its implications.

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March 2, 2021
Blog Posts
Here's How Raising the Minimum Wage Would Affect Everything from Household Incomes to the National Debt

Setting a higher minimum wage would affect family incomes in a variety of ways, including increasing earnings for most low-wage workers and lifting some families out of poverty.

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February 26, 2021
Press Releases & Statements
Voters See Difficult Debt Challenge Ahead: 76% Say Concern has Increased

“As overcoming this pandemic continues to be a top priority, voters are also becoming more concerned about America’s rapidly worsening fiscal condition,” said Michael A. Peterson, CEO of the Peterson Foundation.

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February 24, 2021
Explainers
How Do States Pay for Medicaid?

Medicaid’s role in state budgets is unique, since the program acts as both an expenditure and the largest source of federal support in state budgets.

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February 22, 2021
Blog Posts
Uninsured Rate on the Rise Again As Nation Deals with COVID

After a promising decline in recent years, the number of Americans without health insurance is back on the rise.

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February 18, 2021
Blog Posts
What is the Primary Deficit?

The primary deficit focuses on the difference between government revenues and spending, excluding interest payments. Learn more about the U.S. primary deficit.

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February 18, 2021
Blog Posts
The National Debt Will Grow to Be Twice the Size of the Economy

The debt growing to double the size of GDP is, in many respects, a symbolic milestone — but it is a clear indicator of the monumentally unsustainable path of our fiscal trajectory.

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February 16, 2021
Blog Posts
Pandemic Fuels Record-Breaking Deficits — and Other Key Takeaways from the Latest CBO Report

The CBO released new baseline projections today, which show that the nation will face daunting fiscal challenges over the next decade resulting from the existing structural mismatch between revenues and outlays as well as the enormous amount of borrowing necessary to address the pandemic and its economic effects.

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February 11, 2021
Press Releases & Statements
Peterson Statement on CBO 10-Year Budget and Economic Outlook

“This new report provides the latest evidence that our fiscal condition has worsened significantly since the pandemic began, and will need to be addressed once we’re through the COVID crisis,” said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.

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February 11, 2021
Blog Posts
Breaking Down the $48 Billion of Airline Industry Payroll Support in Coronavirus Relief Legislation

As of January 29, 2021, the Department of the Treasury has disbursed over $34 billion of the total $48 billion allocated to air carriers through the PSP1 and PSP2.

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February 3, 2021
Blog Posts
Should Stimulus Checks Go to Higher-Income Americans?

As lawmakers continue to explore policies to help the nation recover from the economic damage caused by the pandemic, a key part of the discussion is how stimulus checks should be structured and targeted for maximum effectiveness. Looking at recent spending and saving trends offers some clues.

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February 2, 2021
Blog Posts
New Projections for unemployment, GDP, inflation and interest rates

The economic recovery is expected to continue and gross domestic product (GDP) will return to its pre-pandemic level by the middle of this year, according to the latest data from the Congressional Budget Office (CBO).

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February 2, 2021
Blog Posts
Q4 GDP Continues to Grow, Though at a Much Slower Pace

As the nation continues to battle the devastating effects of the pandemic, new data from the Bureau of Economic Analysis (BEA) shows a sharp drop in the rate of economic growth at the end of last year, while the nation’s economy overall remains significantly below pre-pandemic levels.

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January 29, 2021
Blog Posts
What Was the Coronavirus Relief Fund?

One key part of the CARES Act was the Coronavirus Relief Fund, which provided $150 billion in direct federal fiscal support to governments in states, territories, and tribal areas to cover expenditures incurred due to the COVID-19 public health emergency.

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January 27, 2021
Press Releases & Statements
As New Administration and Congress Address Range of National Challenges, Voters Remain Mindful of National Debt

“With the nation still in the grips of a devastating public health and economic crisis, President Biden and the new Congress are right to explore additional relief and recovery legislation, but it’s also critical that we remain mindful of our long-term fiscal outlook, which has gotten far worse as our debt now exceeds the size of our economy,” said Michael A. Peterson, CEO of the Peterson Foundation.

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January 26, 2021
Blog Posts
What Types of Securities Does the Treasury Issue?

As the United States borrows a significant amount of money to respond to the COVID-19 pandemic, let’s take a closer look at a few key characteristics of Treasury borrowing that can affect its budgetary cost.

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January 25, 2021
Explainers
Budget Basics: Medicaid

This budget explainer describes what Medicaid is, how it is financed, and who benefits from it.

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January 21, 2021
Infographics
President Biden and the New Congress Face a Range of Complex and Urgent Policy Issues

Putting our economy on a path to recovery continue to be the most pressing priorities for our nation. At the same time, our fiscal outlook has worsened considerably.

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January 19, 2021
Press Releases & Statements
Fiscal Confidence Remains Low as Americans Look ahead to 2021

“The nation remains in the grips of a devastating health and economic crisis caused by the pandemic. Overcoming the virus remains the nation’s top priority, but the vast majority of Americans also recognize the need to address our unsustainable fiscal outlook once this crisis is over,” said Michael A. Peterson, CEO of the Peterson Foundation.

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January 8, 2021
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