The national debt is more than an abstract concept for the government to worry about. It affects you and your family. This paper explains how and the need to fix the debt.
A strong state of the union will require a strong approach to addressing high and rising national debt. Instead of ignoring the problem, our leaders must confront the situation and find ways to finance the future responsibly. Here’s a look at the State of the Debt.
Interest payments on the national debt will be the fastest growing part of the federal budget. Learn more about the relationship between interest rates and debt.
President Franklin Delano Roosevelt signed the Social Security Act into law on August 14, 1935. As the critical program celebrates its 80th birthday, we take a look at the challenges that must be overcome so that it can see at least 80 more years.
The State of the Union cannot be strong without a strong fiscal foundation to the economy. The era of declining deficits is coming to an end and the era of record-level debt is projected to continue indefinitely. Policymakers cannot afford to ignore the debt problem and must find ways to finance the future in a sustainable manner.
The latest official budget and economic forecast for the next decade from the nonpartisan Congressional Budget Office (CBO), shows national debt rising well past historical norms and warns of serious consequences. Here are the key figures and what they mean.
A strong state of the union will require a strong approach to addressing high and rising national debt. Instead of ignoring the problem, our leaders must confront the situation and find ways to finance the future responsibly. Here’s a look at the State of the Debt.
Interest payments on the national debt will be the fastest growing part of the federal budget. Learn more about the relationship between interest rates and debt.
President Franklin Delano Roosevelt signed the Social Security Act into law on August 14, 1935. As the critical program celebrates its 80th birthday, we take a look at the challenges that must be overcome so that it can see at least 80 more years.
The State of the Union cannot be strong without a strong fiscal foundation to the economy. The era of declining deficits is coming to an end and the era of record-level debt is projected to continue indefinitely. Policymakers cannot afford to ignore the debt problem and must find ways to finance the future in a sustainable manner.
The latest official budget and economic forecast for the next decade from the nonpartisan Congressional Budget Office (CBO), shows national debt rising well past historical norms and warns of serious consequences. Here are the key figures and what they mean.
What is the "fiscal cliff"? It's the term being used by many to describe the unique combination of tax
increases and spending cuts scheduled to go into effect on January 1, 2013.
We debunk several common myths about the national debt. Like deficits are falling; there is no harm in waiting; deficit reduction will harm the most vulnerable; and the debt can be fixed by cutting waste, fraud or foreign aid.
With interest rates rising, the debt ceiling looming once again, and high-profile issues like tax reform on the agenda, politicians in Washington are finding it harder to ignore the high and rising national debt. However, instead of addressing the issue openly and honestly, too many are resorting to myths to muddy the waters. We confront some of the most common myths with the facts.
Alaska's Fiscal Situation: Where We've Been, Where We're Headed (10.26.2019)Brad Keithley
A presentation to UAA Prof. Willie Hensley's "Alaska Policy Frontiers" seminar on October 26, 2019, on Alaska's current fiscal situation, how we got here, where we are and the options for where we go from here.
HB 202 (HFIN): Comments of Alaskans for Sustainable BudgetsBrad Keithley
Comments filed on behalf of Alaskans for Sustainable Budgets with the House Finance Committee on HB 202 (Rep. Merrick) proposing a restructuring of and cuts in the Alaska Permanent Fund Dividend (PFD).
Heritage economist Bill Beach's presentation on runaway government debt to a meeting of young professionals hosted by the Colorado Committee for Heritage
What is the "fiscal cliff"? It's the term being used by many to describe the unique combination of tax
increases and spending cuts scheduled to go into effect on January 1, 2013.
We debunk several common myths about the national debt. Like deficits are falling; there is no harm in waiting; deficit reduction will harm the most vulnerable; and the debt can be fixed by cutting waste, fraud or foreign aid.
With interest rates rising, the debt ceiling looming once again, and high-profile issues like tax reform on the agenda, politicians in Washington are finding it harder to ignore the high and rising national debt. However, instead of addressing the issue openly and honestly, too many are resorting to myths to muddy the waters. We confront some of the most common myths with the facts.
Alaska's Fiscal Situation: Where We've Been, Where We're Headed (10.26.2019)Brad Keithley
A presentation to UAA Prof. Willie Hensley's "Alaska Policy Frontiers" seminar on October 26, 2019, on Alaska's current fiscal situation, how we got here, where we are and the options for where we go from here.
HB 202 (HFIN): Comments of Alaskans for Sustainable BudgetsBrad Keithley
Comments filed on behalf of Alaskans for Sustainable Budgets with the House Finance Committee on HB 202 (Rep. Merrick) proposing a restructuring of and cuts in the Alaska Permanent Fund Dividend (PFD).
Heritage economist Bill Beach's presentation on runaway government debt to a meeting of young professionals hosted by the Colorado Committee for Heritage
After the US dollar replaced gold, the US debt became the attention worldwide, thus the demand for the US dollar continued, furthermore the extremely low interest of the dollar. This helped the US government to borrow great amounts of debt as well as kept the creditors pleased. Due to the pandemic, the US economy retrograded because of the tax cut and unproductive rescue spending plan plus surpassing spending of the government. The rising inflation starts to increase to high levels, which certainly the government must cut back spending or its patterns, while this will lead to uncertain consequences for the long future. This paper discusses several different perspectives on the US government's sustainability as its ability to settle the debt in future, the fate of growth burdened with that debt through the neoclassical mode of growth, and also the effect of anxiety of defaults and unfunded obligations. Inversely, it explores the strength of the dollar with a low-interest rate and its sustainability worldwide. We also propose ways helping of strengthen the fiscal government position and solutions to help the economy recover in long term and to easiest the situation. In the synopsis, we propose something that could affect and shake the global market.
The next President will need to confront a number of budgetary challenges and will likely sign into law many federal tax and spending changes. Yet too often, election campaigns are about telling voters what they want to hear rather than what they need to know. To separate fiction from reality, the new Fiscal FactChecker series will monitor the 2016 Presidential campaign on an ongoing basis. To start with, we have identified 16 myths that may come up during the campaign.
The presidential campaign can be an excellent opportunity to engage in a frank, constructive dialogue about the nation's fiscal challenges and what to do about them. Of course, it is much easier to rely on well-worn myths than to explain complex concepts and propose ideas that voters may not like. That’s why we published "16 Budget Myths to Watch Out for in the 2016 Campaign."
Reduced Government Spending and Your InvestmentsInvestingTips
Interest on the national debt threatens to become a larger cost than other major parts of the budget. To the degree that belt tightening is chosen as a way to solve this problem, we need to look at reduced government spending and your investments.
https://youtu.be/1mLIFxWyATE
If the US has defaulted on its debts the government will not be able to step in and lend a hand. If that were to be the case, we could be looking at another Great Depression. The connection between a US debt default and your investments would be such that many would lose substantial portions of their portfolios.
https://youtu.be/AmJt2P6QHAw
Consumer Credit Card Interest Savings in a Decreasing Rate Environment.pptxCFO Pro+Analytics
In this post, I am going to look at the upcoming rate environment but focus in on consumer debt and the potential savings consumers will experience as rates decline.
Washington is far from a consensus on what to do about health care. But the future health of the federal budget depends on bringing down health care costs. Here is why we cannot fix the debt if we do not address health care spending.
FRB-Richmond_ unsustainable fiscal policy_ implications for monetary policyFred Kautz
Economic research suggests that high debt levels ultimately could overwhelm a central bank’s efforts to keep prices stable. This essay will argue that these outcomes should be avoided in the United States by putting fiscal policy on a sustainable path.
Although there has been much discussion about health care recently, very little attention has been paid to Medicare. While some politicians promise not to touch the vital program, such pledges will only hurt it as it faces serious financing issues that must be addressed and will make the larger health care problem harder to solve. See more at http://www.fixthedebt.org/why-leaving-medicare-alone-will-only-weaken-it
Fiscal PolicyAll the people in the United States are effected by.docxvoversbyobersby
Fiscal Policy
All the people in the United States are effected by the fiscal policies. Team C will address the how and why the U.S. budget deficits, budget surpluses and debt effect different individuals and institutions. There are a wide array of individuals effected by fiscal policy, which include tax payers, future Social Security and Medicaid users will be effected. The unemployed individuals and University of Phoenix students will be effected by fiscal policy. The U.S. financial reputation , an exporter, and importer, and effects of the GDP will also be covered about the effects of the U.S fiscal policy.
Effects on Tax Payers
The U.S. budget deficits can affect tax payers in a negative aspect by subjecting the tax payers to increased taxes within the country to offset the deficit. This increase could be aimed at the middle and lower class citizens, which may cause financial difficulties. Also the budget deficit does impose interest costs on tax payers, meaning that the national savings totals are lower and this decreases the amount of private investing (Ackerman 2004). This higher interest cost will have a direct affect on the trade deficit, which will cause Americans to become even more dependent on exports for their consumer needs.
The U.S. budget surpluses would affect tax payers in a positive aspect by refunding tax payers any previous overpayment of taxes. This could also decrease income taxes that are being paid by tax payers, since the surplus will increase national savings. Another benefit from a surplus is that it will stimulate investing by offering lower interest rates, which would increase tax payers savings when filing taxes (Hall 2012). For example: new mortgages would offer interest write-offs on personal tax returns.
The U.S. budget debt affects the tax payers in several different areas: higher taxes, reduced benefits & programs, and higher interest rates. The U.S government cannot sustain the economic level of owing more than they are receiving, meaning the taxes from tax payers would increase to pay down the debt. The other option for shortening the debt is to limit spending, which means the programs and benefits could be reduced. The interest rates may rise due to a decrease in the purchase of Treasury bonds from foreign investors (NDT 2012).
Effects on future Social Security and Medicare user
The United States Budget Deficit is only going to hurt the future Social Security and Medicare Users if the deficit does not reduce. Over spending is going to lead to no money in these accounts. The retirement age will continue to go up as long as there is no money to support the aging Americans. The Budget Surplus however would help Social Security and Medicare users as money increased and the deficit decreased.
Effects on Unemployed Individuals
The U.S. budget deficits affect unemployed individuals directly as the higher the deficit, the higher the unemployment. The reverse is also true, by lowering the deficit and inve ...
Similar to Debt Threat: The National Debt and You (20)
The national debt is forecast to grow unsustainably in the years to come if we don’t take action. Though the numbers are staggering, let’s look beyond them and focus on what they could mean for a typical American. Let’s name her Hope. http://www.fixthedebt.org/growing-up-with-debt
If Congress and the President cannot agree on at least short-term legislation funding federal operations, a government shutdown will result. This primer provides basic information to better understand what could happen.
Once again, the federal government is running up against the statutory debt limit, which has major implications for the national debt and the U.S. economy. Here’s a basic overview of this critical issue.
Passing a budget is just one step in financing the federal government. Specific decisions about government spending are made through an annual process called appropriations. Here are answers to key questions to better understand the process.
The mounting national debt is getting harder for Congress to ignore and lawmakers are turning to us for advice. Committee for a Responsible Federal Budget (CRFB) co-chair Mitch Daniels, Campaign to Fix the Debt co-chair Judd Gregg, and Fix the Debt steering committee and CRFB board member Alice Rivlin testified before the Joint Economic Committee of Congress on the national debt on September 8.
Slides from the June 21, 2016 Fix the Debt webinar with former U.S. Comptroller General David Walker on how federal government finances affect state budgets. Watch the video at http://www.fixthedebt.org/chat-with-david-walker.
Where do your tax dollars go? Who pays federal taxes? What are tax expenditures? We explain the U.S. federal tax system in a few easy-to-understand charts. See more resources at http://www.fixthedebt.org/tax-reform-resource-page
Where does your tax dollars go? Who pays federal taxes? What are tax expenditures? We explain the U.S. federal tax system in a few easy-to-understand charts. See more resources at http://www.fixthedebt.org/tax-reform-resource-page
President Franklin Delano Roosevelt signed the Social Security Act into law on August 14, 1935. As the critical program celebrates its 80th birthday, we take a look at the challenges that must be overcome so that it can see at least 80 more years.
Despite the recent improvement in the federal budget deficit, the national debt is still on an unsustainable course. This infographic illustrates why this is a problem.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Card
Debt Threat: The National Debt and You
1. CHAIRMEN
MICHAEL BLOOMBERG
JUDD GREGG
EDWARD RENDELL
FOUNDERS
ERSKINE BOWLES
AL SIMPSON
STEERING COMMITTEE
PHIL BREDESEN
KENT CONRAD
DAVID COTE
PETE DOMENICI
VIC FAZIO
JAMES B. LEE, JR.
JIM MCCRERY
SAM NUNN
JIM NUSSLE
MICHAEL PETERSON
STEVEN RATTNER
ALICE RIVLIN
SCOTT SMITH
ANTONIO VILLARAIGOSA
ROBERT ZOELLICK
1899 L Street, NW · Suite 225 · Washington, DC 20036 · (202) 596-3597 · www.fixthedebt.org
Debt Threat: The National Debt and You
The U.S. national debt is at post-war record highs, both in dollars and as a share of the
economy. And not only has it grown from 35 percent of GDP in 2007—about the post-
war average—to 74 percent today, it is projected to exceed the entire economy
sometime in the 2030s.
Ever-growing levels of debt threaten citizens’ and families’ economic well-being in a
number of ways. A large debt:
Hurts wages and jobs
Makes borrowing more expensive for important investments
Harms our children
Threatens the safety net
Risks a real crisis
Prevents us from growing the economy
Lower Wages and Fewer Job Opportunities
As the government continues to issue more and more debt, the debt “crowds out”
productive investments in people, machinery, technology, and new ventures. This
diminished private investment results in fewer job opportunities and lower wages.
According to the Congressional
Budget Office, wages will grow
more slowly over the next 25
years if debt is on an upward path
compared to a downward path.1
In today’s dollars, that’s a $7,000
wage cut. And over a 40-year
career starting today, it
represents $250,000 in lost
income.
Increased Costs of Home, Auto, Student and Credit Card Loans
Growing national debt can drive up interest rates throughout the economy, leading to
higher interest payments on mortgages, car loans, student loans, and credit card debt.
Although rates are currently low – due mainly to the weak economy and temporary
efforts by the Federal Reserve to keep them down – they will most certainly rise as the
economy recovers, and they will rise much higher if debt continues to grow.
1
All of these figures compare “rising debt,” as measured by the Congressional Budget Office’s
Alternative Fiscal Scenario, with debt on a “downward path,” as measured by $4 trillion of
additional savings over the next 10 years.
2. 1899 L Street, NW · Suite 225 · Washington, DC 20036 · (202) 596-3597 · www.fixthedebt.org
Page 2
Reducing the debt will help lower costs for middle-class families. Growing debt levels, on the other hand,
will increase interest costs, squeeze family budgets, and put important family investments out of reach. In
25 years, interest rates would be 1 point higher because of debt.2
Put another way, a family with a
$300,000 mortgage can expect to pay at least $45,000 more over the course of the mortgage.
Less Room for Investment in Infrastructure, Research, and the Next Generation
Growing national debt means that the government must pay higher interest payments to service that debt.
Interest will represent the fastest growing part of the federal budget. The nonpartisan Congressional Budget
Office projects interest costs will nearly quadruple from about $220 billion in 2013 to almost $800 billion in
2024. By late next decade, 100 percent of the revenue we collect will go toward interest payments and
mandatory spending. That leaves little room for important priorities and investments such as national
defense, education, infrastructure, low-income support, and basic research. As more of our budget goes to
financing today’s spending and yesterday’s promises, spending targeted toward the next generation will
continue to dwindle.
A Threatened Social Safety Net
The trustees who oversee Social Security and Medicare estimate both are on a road to insolvency. Social
Security’s Disability Insurance trust fund will become exhausted just two years from now in 2016, and
Medicare’s Hospital Insurance trust fund will be exhausted in 2030. By 2033, the combined Social Security
trust funds are expected to run out of money, at which point all beneficiaries – regardless of age, income,
or ability to work – will receive an immediate 23 percent cut in benefits. For a typical 40-year old today,
failure to act will mean more than $80,000 in reduced lifetime Social Security benefits, in today’s dollars.3
An Increased Likelihood of a Fiscal Crisis
Failure to get the national debt under control could precipitate a crisis where investors are no longer willing
to loan money to the government at affordable rates. Although no one knows when such a crisis would
come and exactly what it would look like, international examples suggest there could be large investment
losses, tanking markets, sharply rising interest rates, mass unemployment, rapid inflation, and/or
devastating austerity causing sharp drops in public investment.
A Missed Opportunity to Grow the Economy
Deficit reduction legislation presents an opportunity to enact pro-growth tax reform, improve government
programs to reward work and savings, re-orient spending to important investments, and capture the
economic benefits of putting the debt on a sustainable path. We estimate debt reduction alone could
increase the size of the economy by as much as 4 percent by 2030.4
Tax reform has the potential to generate
up to another 3.5 percent over the long run, and a few modest entitlement reforms could add an additional
2 percent by 2035.5
Putting in place a credible, smart plan now would allow us to implement changes
gradually in a way that actually accelerates the recovery through increased certainty and confidence. A
comprehensive debt plan represents the best opportunity to enhance long-term economic growth.
2
CBO, “2014 Long-Term Budget Outlook.”
3
Calculated based using Census and SSA data for the average wage, life expectancy, and benefit payment.
4
Based on CBO, “Macroeconomic Effects of Alternative Budget Paths.”
5
Tax reform: Joint Committee on Taxation; Entitlement reform: CRFB