CBO makes baseline economic and budget projections covering the next 10 years and also the next 30 years. The projections incorporate the assumption that current laws generally do not change. To produce the 30-year economic projections, CBO uses its policy growth model, which relies on a standard economic framework that focuses on the inputs that drive growth in the supply side of the economy: the amount of labor, the productive services provided by capital, and total factor productivity.
Presentation by Wendy Edelberg, an Associate Director for Economic Analysis at CBO, and Jeffrey Werling, Assistant Director of CBO's Macroeconomic Analysis Division, at the 2019 Social Security Technical Panel.
CBO estimates that the federal budget deficit in 2020 will be $1.0 trillion, or 4.6 percent of gross domestic product (GDP). It would increase to 5.4 percent of GDP in 2030 if current law did not change. In CBO’s projections, federal debt held by the public reaches $17.9 trillion at the end of 2020. That amount equals 81 percent of GDP—more than twice its average over the past 50 years. By 2030, debt is projected to reach $31.4 trillion, or 98 percent of GDP, a larger percentage than at any time since just after World War II. It would continue to grow after 2030, reaching 180 percent of GDP by 2050.
Inflation-adjusted GDP is projected to grow by 2.2 percent this year, largely because of continued strength in consumer spending and a rebound in business fixed investment. Output is projected to be higher than the economy’s maximum sustainable output in 2020 to a greater degree than it has been in recent years, leading to higher inflation and interest rates after a period in which both were low, on average. CBO projects that continued strength in the demand for labor will keep the unemployment rate low and drive employment and wages higher. Then over the coming decade, the economy is projected to expand at an average annual rate of 1.7 percent, roughly the same rate as its potential rate of growth.
CBO makes baseline economic and budget projections covering the next 10 years and also the next 30 years. The projections incorporate the assumption that current laws generally do not change. To produce the 30-year economic projections, CBO uses its policy growth model, which relies on a standard economic framework that focuses on the inputs that drive growth in the supply side of the economy: the amount of labor, the productive services provided by capital, and total factor productivity.
Presentation by Wendy Edelberg, an Associate Director for Economic Analysis at CBO, and Jeffrey Werling, Assistant Director of CBO's Macroeconomic Analysis Division, at the 2019 Social Security Technical Panel.
CBO estimates that the federal budget deficit in 2020 will be $1.0 trillion, or 4.6 percent of gross domestic product (GDP). It would increase to 5.4 percent of GDP in 2030 if current law did not change. In CBO’s projections, federal debt held by the public reaches $17.9 trillion at the end of 2020. That amount equals 81 percent of GDP—more than twice its average over the past 50 years. By 2030, debt is projected to reach $31.4 trillion, or 98 percent of GDP, a larger percentage than at any time since just after World War II. It would continue to grow after 2030, reaching 180 percent of GDP by 2050.
Inflation-adjusted GDP is projected to grow by 2.2 percent this year, largely because of continued strength in consumer spending and a rebound in business fixed investment. Output is projected to be higher than the economy’s maximum sustainable output in 2020 to a greater degree than it has been in recent years, leading to higher inflation and interest rates after a period in which both were low, on average. CBO projects that continued strength in the demand for labor will keep the unemployment rate low and drive employment and wages higher. Then over the coming decade, the economy is projected to expand at an average annual rate of 1.7 percent, roughly the same rate as its potential rate of growth.
Presentation by Ben Page, CBO's Fiscal Policy Studies Unit Chief, at the National Tax Association 108th Annual Conference on Taxation.
CBO’s long-term budget projections generally reflect current law and estimates of future economic conditions and demographic trends. Those projections depend on estimates of the future paths of mortality rates, productivity, interest rates, and health care costs, among many other variables. To illustrate some of the uncertainty about long-term budgetary outcomes, CBO constructed alternative projections showing what would happen to the budget if those factors differed from the values used in the extended baseline.
Presentation by Wendy Edelberg, an Associate Director for Economic Analysis at CBO, at the Seminar on Forecasting at George Washington University.
Under current law, CBO projects that economic activity will expand at a modest pace this year and then grow more slowly in subsequent years.
In 2020, CBO estimates a deficit of $1.0 trillion, or 4.6 percent of gross domestic product (GDP). Under current law, the projected gap between outlays and revenues increases to 5.4 percent of GDP in 2030. Federal debt held by the public is projected to rise over the coming decade, from 81 percent of GDP in 2020 to 98 percent of GDP in 2030. It continues to grow thereafter, in CBO’s projections, reaching 180 percent of GDP in 2050, well above the highest level ever recorded in the United States.
Presentation by Christina Hawley Anthony, Chief of the Projections Unit in CBO’s Budget Analysis Division, to the National Conference of State Legislatures Base Camp.
This presentation provides an overview of the Congressional Budget Office’s most recent budget and economic projections, which were published on August 21. In those projections, the federal budget deficit is nearly $1 trillion in 2019 and averages $1.2 trillion each year between 2020 and 2029. Because of persistently large deficits, federal debt held by the public is projected to grow steadily, reaching 95 percent of gross domestic product (GDP) in 2029.
Real GDP is projected to grow by 2.3 percent in 2019, supporting strong labor market conditions that feature low unemployment and rising wages. Economic growth is projected to slow to an average of 1.8 percent through 2029, which is less than the long-term historical average. That slowdown occurs primarily because the labor force is expected to grow more slowly than it has in the past.
This infographic provides an overview of CBO's report, The 2016 Long-Term Budget Outlook. Gain quick insight into why CBO projects a substantial imbalance in the federal budget beyond the next 10 years.
Presentation by Wendy Edelberg, an Associate Director for Economic Analysis at CBO, at the National Bureau of Economic Research conference, Economics of Infrastructure Investment.
Federal investment in physical capital, education, and research and development boosts private-sector productivity gradually, CBO estimates. The overall macroeconomic and budgetary effects of federal investment depend on how that spending is financed.
At 78 percent of gross domestic product (GDP), federal debt held by the public is now at its highest level since shortly after World War II. If current laws generally remained unchanged, CBO projects, growing budget deficits would boost that debt sharply over the next 30 years; it would approach 100 percent of GDP by the end of the next decade and 152 percent by 2048. That amount would be the highest in the nation’s history by far. The prospect of large and growing debt poses substantial risks for the nation and presents policymakers with significant challenges.
Presentation by Elizabeth Cove Delisle, an analyst in CBO's Budget Analysis Division, with Natalie Tawil, an analyst in CBO's Microeconomic Studies Division, to the Council of Large Public Housing Authorities.
In 2014, the federal government provided about $50 billion in housing assistance specifically designated for low-income households. This presentation describes the ways in which the federal government provides housing assistance to low-income households, provides information about the households that receive assistance, and lists some policy options for altering that assistance.
In 2020, inflation-adjusted GDP is projected to grow by 2.2 percent, largely because of continued strength in consumer spending and a rebound in business fixed investment. Output is projected to be higher than the economy’s maximum sustainable output this year to a greater degree than it has been in recent years, leading to higher inflation and interest rates after a period in which both were low, on average. Continued strength in the demand for labor keeps the unemployment rate low and drives employment and wages higher. If current laws governing federal taxes and spending generally remained in place, the economy would expand at an average annual rate of 1.7 percent over the next decade, roughly the same rate as its potential growth.
Presentation by Ben Page, CBO's Fiscal Policy Studies Unit Chief, at the National Tax Association 108th Annual Conference on Taxation.
CBO’s long-term budget projections generally reflect current law and estimates of future economic conditions and demographic trends. Those projections depend on estimates of the future paths of mortality rates, productivity, interest rates, and health care costs, among many other variables. To illustrate some of the uncertainty about long-term budgetary outcomes, CBO constructed alternative projections showing what would happen to the budget if those factors differed from the values used in the extended baseline.
Presentation by Wendy Edelberg, an Associate Director for Economic Analysis at CBO, at the Seminar on Forecasting at George Washington University.
Under current law, CBO projects that economic activity will expand at a modest pace this year and then grow more slowly in subsequent years.
In 2020, CBO estimates a deficit of $1.0 trillion, or 4.6 percent of gross domestic product (GDP). Under current law, the projected gap between outlays and revenues increases to 5.4 percent of GDP in 2030. Federal debt held by the public is projected to rise over the coming decade, from 81 percent of GDP in 2020 to 98 percent of GDP in 2030. It continues to grow thereafter, in CBO’s projections, reaching 180 percent of GDP in 2050, well above the highest level ever recorded in the United States.
Presentation by Christina Hawley Anthony, Chief of the Projections Unit in CBO’s Budget Analysis Division, to the National Conference of State Legislatures Base Camp.
This presentation provides an overview of the Congressional Budget Office’s most recent budget and economic projections, which were published on August 21. In those projections, the federal budget deficit is nearly $1 trillion in 2019 and averages $1.2 trillion each year between 2020 and 2029. Because of persistently large deficits, federal debt held by the public is projected to grow steadily, reaching 95 percent of gross domestic product (GDP) in 2029.
Real GDP is projected to grow by 2.3 percent in 2019, supporting strong labor market conditions that feature low unemployment and rising wages. Economic growth is projected to slow to an average of 1.8 percent through 2029, which is less than the long-term historical average. That slowdown occurs primarily because the labor force is expected to grow more slowly than it has in the past.
This infographic provides an overview of CBO's report, The 2016 Long-Term Budget Outlook. Gain quick insight into why CBO projects a substantial imbalance in the federal budget beyond the next 10 years.
Presentation by Wendy Edelberg, an Associate Director for Economic Analysis at CBO, at the National Bureau of Economic Research conference, Economics of Infrastructure Investment.
Federal investment in physical capital, education, and research and development boosts private-sector productivity gradually, CBO estimates. The overall macroeconomic and budgetary effects of federal investment depend on how that spending is financed.
At 78 percent of gross domestic product (GDP), federal debt held by the public is now at its highest level since shortly after World War II. If current laws generally remained unchanged, CBO projects, growing budget deficits would boost that debt sharply over the next 30 years; it would approach 100 percent of GDP by the end of the next decade and 152 percent by 2048. That amount would be the highest in the nation’s history by far. The prospect of large and growing debt poses substantial risks for the nation and presents policymakers with significant challenges.
Presentation by Elizabeth Cove Delisle, an analyst in CBO's Budget Analysis Division, with Natalie Tawil, an analyst in CBO's Microeconomic Studies Division, to the Council of Large Public Housing Authorities.
In 2014, the federal government provided about $50 billion in housing assistance specifically designated for low-income households. This presentation describes the ways in which the federal government provides housing assistance to low-income households, provides information about the households that receive assistance, and lists some policy options for altering that assistance.
In 2020, inflation-adjusted GDP is projected to grow by 2.2 percent, largely because of continued strength in consumer spending and a rebound in business fixed investment. Output is projected to be higher than the economy’s maximum sustainable output this year to a greater degree than it has been in recent years, leading to higher inflation and interest rates after a period in which both were low, on average. Continued strength in the demand for labor keeps the unemployment rate low and drives employment and wages higher. If current laws governing federal taxes and spending generally remained in place, the economy would expand at an average annual rate of 1.7 percent over the next decade, roughly the same rate as its potential growth.
In CBO’s projections, economic output is expected to grow by 2.3 percent in 2019, supporting strong labor market conditions that feature low unemployment and rising wages. After 2019, economic growth averages 1.8 percent per year, which is less than the historical average.
CBO estimates that the federal budget deficit for 2019 will be $960 billion. Under current law, budget deficits are projected to average $1.2 trillion a year between 2020 and 2029, boosting debt held by the public to 95 percent of GDP in that year—its highest level since just after World War II.
SandPointe
Investment Perspective
-----------------------------------------------------------------
Roger E. Brinner, PhD
Chief Market Strategist and Co-founding Partner
September 2014
This presentation provides key findings from the 2019 edition of the OECD Sovereign Borrowing Outlook. This includes gross borrowing requirements, net borrowing requirements, central government marketable debt, funding strategies and instruments and distribution channels.
Find out more at http://www.oecd.org/finance/oecd-sovereign-borrowing-outlook-23060476.htm
OBJECTIVE
The Reserve Bank of India on 27th December 2019 released the 20th issue of the Financial Stability Report (FSR). The FSR reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability, as also the resilience of the financial system. The Report also discusses issues relating to development and regulation of the financial sector. In this Webinar, we shall understand the key findings and observations made in the Report.
Will risks-derail-the-modest-recovery-oecd-interim-economic-outlook-march-2017OECD, Economics Department
Global GDP growth is projected to pick up modestly to around 3½ per cent in 2018, from just under 3% in 2016, boosted by fiscal initiatives in the major economies. The forecast is broadly unchanged since November 2016. Confidence has improved, but consumption, investment, trade and productivity are far from strong, with growth slow by past norms and higher inequality.
Ready for the next recession? Assessing the UK’s macroeconomic frameworkResolutionFoundation
The UK economy is facing its highest risk of recession since 2007, as Brexit uncertainty and global instability loom large. When the next downturn will arrive is impossible to say, but now is a good time to ensure that we are ready to respond. Crucially the world has moved on since we last prepared our framework – the tools we used to fight the last recession won’t necessarily work for the next one.
How severe are the constraints of near zero interest rates on monetary policy? What is the potential for Quantitative Easing to replay its major financial crisis role? And while there is a generally accepted case for a wider role for fiscal policy, are we ready to deploy it as effectively as possible?
The Resolution Foundation is setting up a new Macroeconomic Policy Unit to get to the bottom of these big economic questions and more. To mark its launch, the Foundation hosted an event that brought together leading macroeconomists and policy makers. The launch included the publishing of a comprehensive assessment of the UK’s current macroeconomic policy framework. Speakers included MPC Member Gertjan Vlieghe and Head of Bloomberg Economics Stephanie Flanders.
Speakers:
Gertjan Vlieghe, Member of the Monetary Policy Committee
Stephanie Flanders, Head of Bloomberg Economics
Kate Barker, Former MPC member
Rupert Harrison, Portfolio Manager at Blackrock
James Smith, Research Director at the Resolution Foundation
Torsten Bell, Chief Executive of the Resolution Foundation (Chair)
Fixed interest rate markets, global bond markets, and the competing nature of risk versus return provide an update about how governments are tracking when compared to corporates.
This presentation provides key findings from the 2018 edition of the OECD Sovereign Borrowing Outlook. This includes gross borrowing requirements, net borrowing requirements, central government marketable debt, funding strategies and instruments and distribution channels.
Find out more information at http://www.oecd.org/finance/oecdsovereignborrowingoutlook.htm
CBO supports the Congressional budget process by providing the Congress with objective, nonpartisan, and timely analyses of legislative proposals and of budgetary and economic issues. From a macroeconomic perspective, CBO produces work in two areas. First, it provides baseline economic forecasts over 10- and 30-year projection windows. Second, it analyzes the short-term and longer-term effects on the overall economy of some proposed changes in federal tax and spending policies. This presentation describes that work and provides recent examples of forecasts and analysis.
Presentation by Jared Jageler, David Adler, Noelia Duchovny, and Evan Herrnstadt, analysts in CBO’s Microeconomic Studies and Health Analysis Divisions, at the Association of Environmental and Resource Economists Summer Conference.
Presentation by Mark Hadley, CBO's Chief Operating Officer and General Counsel, at the 2nd NABO-OECD Annual Conference of Asian Parliamentary Budget Officials.
Presentation by Daria Pelech, an analyst in CBO’s Health Analysis Division, at the Center for Health Insurance Reform McCourt School of Public Policy, Georgetown University.
This slide deck highlights CBO’s key findings about the outlook for the economy as described in its new report, The Budget and Economic Outlook: 2024 to 2034.
Presentation by CBO analysts Rebecca Heller, Shannon Mok, and James Pearce, and Census Bureau research economist Jonathan Rothbaum at the American Economic Association Annual Meeting, Committee on Economic Statistics.
Presentation by Eric J. Labs, an analyst in CBO’s National Security Division, at the Bank of America 2024 Defense Outlook and Commercial Aerospace Forum.
Presentation by Elizabeth Ash, William Carrington, Rebecca Heller, and Grace Hwang of CBO’s Labor, Income Security, and Long-Term Analysis and Health Analysis divisions to the Children’s Health Group, American Academy of Pediatrics.
Presentation by Molly Dahl, Chief of CBO’s Long-Term Analysis Unit, at a meeting of the National Conference of State Legislatures’ Budget Working Group.
In the President’s 2024 budget request, total military compensation is $551 billion, including veterans' benefits. That amount represents an increase of 134 percent since 1999 after removing the effects of inflation.
Canadian Immigration Tracker March 2024 - Key SlidesAndrew Griffith
Highlights
Permanent Residents decrease along with percentage of TR2PR decline to 52 percent of all Permanent Residents.
March asylum claim data not issued as of May 27 (unusually late). Irregular arrivals remain very small.
Study permit applications experiencing sharp decrease as a result of announced caps over 50 percent compared to February.
Citizenship numbers remain stable.
Slide 3 has the overall numbers and change.
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
A process server is a authorized person for delivering legal documents, such as summons, complaints, subpoenas, and other court papers, to peoples involved in legal proceedings.
Understanding the Challenges of Street ChildrenSERUDS INDIA
By raising awareness, providing support, advocating for change, and offering assistance to children in need, individuals can play a crucial role in improving the lives of street children and helping them realize their full potential
Donate Us
https://serudsindia.org/how-individuals-can-support-street-children-in-india/
#donatefororphan, #donateforhomelesschildren, #childeducation, #ngochildeducation, #donateforeducation, #donationforchildeducation, #sponsorforpoorchild, #sponsororphanage #sponsororphanchild, #donation, #education, #charity, #educationforchild, #seruds, #kurnool, #joyhome
ZGB - The Role of Generative AI in Government transformation.pdfSaeed Al Dhaheri
This keynote was presented during the the 7th edition of the UAE Hackathon 2024. It highlights the role of AI and Generative AI in addressing government transformation to achieve zero government bureaucracy
Up the Ratios Bylaws - a Comprehensive Process of Our Organizationuptheratios
Up the Ratios is a non-profit organization dedicated to bridging the gap in STEM education for underprivileged students by providing free, high-quality learning opportunities in robotics and other STEM fields. Our mission is to empower the next generation of innovators, thinkers, and problem-solvers by offering a range of educational programs that foster curiosity, creativity, and critical thinking.
At Up the Ratios, we believe that every student, regardless of their socio-economic background, should have access to the tools and knowledge needed to succeed in today's technology-driven world. To achieve this, we host a variety of free classes, workshops, summer camps, and live lectures tailored to students from underserved communities. Our programs are designed to be engaging and hands-on, allowing students to explore the exciting world of robotics and STEM through practical, real-world applications.
Our free classes cover fundamental concepts in robotics, coding, and engineering, providing students with a strong foundation in these critical areas. Through our interactive workshops, students can dive deeper into specific topics, working on projects that challenge them to apply what they've learned and think creatively. Our summer camps offer an immersive experience where students can collaborate on larger projects, develop their teamwork skills, and gain confidence in their abilities.
In addition to our local programs, Up the Ratios is committed to making a global impact. We take donations of new and gently used robotics parts, which we then distribute to students and educational institutions in other countries. These donations help ensure that young learners worldwide have the resources they need to explore and excel in STEM fields. By supporting education in this way, we aim to nurture a global community of future leaders and innovators.
Our live lectures feature guest speakers from various STEM disciplines, including engineers, scientists, and industry professionals who share their knowledge and experiences with our students. These lectures provide valuable insights into potential career paths and inspire students to pursue their passions in STEM.
Up the Ratios relies on the generosity of donors and volunteers to continue our work. Contributions of time, expertise, and financial support are crucial to sustaining our programs and expanding our reach. Whether you're an individual passionate about education, a professional in the STEM field, or a company looking to give back to the community, there are many ways to get involved and make a difference.
We are proud of the positive impact we've had on the lives of countless students, many of whom have gone on to pursue higher education and careers in STEM. By providing these young minds with the tools and opportunities they need to succeed, we are not only changing their futures but also contributing to the advancement of technology and innovation on a broader scale.
Up the Ratios Bylaws - a Comprehensive Process of Our Organization
The Historical Decline in Real Interest Rates and Its Implications for CBO’s Projections
1. 23rd Federal Forecasters Conference
May 6, 2021
Edward Gamber
Macroeconomic Analysis Division
The Historical Decline in
Real Interest Rates and Its
Implications for CBO’s Projections
For further information about the venue, see https://tinyurl.com/839epwcx.
3. 2
The shaded vertical bars indicate periods of recession.
Real and Nominal Risk-Free Interest Rates Have
Trended Downward Since the 1980s
4. 3
The shaded vertical bars indicate periods of recession.
Forecasters Have a Poor Track Record
5. 4
Explanations for the decline include:
▪ A slowdown in the long-term average growth rate of the economy,
▪ The aging global population,
▪ A global savings glut, and
▪ Declining desired investment.
Factors mitigating the decline include:
▪ A rising share of income paid to owners of capital and
▪ Rising federal debt relative to gross domestic product (GDP).
Behind the Decline in Real Interest Rates
6. 5
CBO’s Method for Forecasting Interest Rates
Over the Medium and Long Terms
Identify a set of factors that affect interest rates.
Identify a benchmark historical period. (That period is currently 1995 to 2004.)
Forecast the change in each factor between the benchmark historical period and
the forecast period and estimate the effect of those changes on the real
interest rate.
7. 6
The shaded vertical bars indicate periods of recession.
Monetary policy was neutral,
on average, during the decade
leading up to the two points
when the 10-year average of
the real federal funds rate
minus the neutral rate of
interest equaled zero.
CBO chose the period from
1995 to 2004 for its benchmark
because that was also a period
when inflation expectations
were well anchored and the
U.S. economy experienced
relatively mild business cycles.
CBO’s Benchmark Historical Period
8. 7
▪ Labor force growth
▪ Domestic private and foreign saving
▪ Total factor productivity growth
▪ Ratio of debt to GDP
▪ Risk premium
▪ Share of income paid to capital
Factors Affecting Interest Rates in CBO’s
Medium- to Long-Term Forecast
9. 8
Estimating the Effect of Changes in Factors on Interest Rates
Factor Source of Estimate
Labor force growth Aggregate production function
Domestic private and foreign saving Aggregate production function
Total factor productivity growth Aggregate production function
Ratio of debt to GDP
Research literature and
empirical estimate
Risk premium Identity
Share of income paid to capital Aggregate production function
10. 9
CPI-U = the consumer price index for all urban consumers.
Parsing of CBO’s Medium-Term Forecast of the
Interest Rate on 10-Year Treasury Notes
Percentage Points
CBO’s Forecast, June 2020 2031 to 2035
Real Interest Rate on 10-Year
Treasury Notes Over the
Historical Benchmark Period,
1995 to 2004 2.96
Change in Real Rate –1.81
Real Interest Rate (Benchmark
rate + change in real rate) 1.15
CPI-U Inflation Rate 2.2
Nominal Rate on 10-Year
Treasury Notes (Real interest
rate + CPI-U inflation rate) 3.4
14. 13
See Edward N. Gamber, The Historical Decline in Real Interest Rates and Its
Implications for CBO’s Projections, Working Paper 2020-09
(Congressional Budget Office, December 2020), www.cbo.gov/publication/56891.
For More Information