“In the past 18 months, we’ve witnessed inflation rise to a 40-year high, interest rates climbing in part to combat this inflation, and several budget-busting pieces of legislation and executive actions,” MacGuineas said. Maya MacGuineas, president of the Committee for a Responsible Federal Budget said in an emailed statement Tuesday, “This is a new record no one should be proud of.” In full, this year’s deficit will decline by $1.7 trillion, representing the single largest decline in the federal deficit in American history, the Office of Management and Budget said in August. In its August Mid-Session Review, the administration forecasted that this year’s budget deficit will be nearly $400 billion lower than it estimated back in March, due in part to stronger than expected revenues, reduced spending, and an economy that has recovered all the jobs lost during the multi-year pandemic. The Congressional Budget Office earlier this year released a report on America’s debt load, warning in its 30-year outlook that, if unaddressed, the debt will soon spiral upward to new highs that could ultimately imperil the U.S. “I think the point here is if you weren’t worried before about the debt before, you should be - and if you were worried before, you should be even more worried,” Zidar said. Zidar said the debt “should encourage us to consider some tax policies that almost passed through the legislative process but didn’t get enough support,” like imposing higher taxes on the wealthy and closing the carried interest loophole, which allows money managers to treat their income as capital gains. The Federal Reserve has raised rates several times this year in an effort to combat inflation. Owen Zidar, a Princeton economist, said rising interest rates will exacerbate the nation’s growing debt issues and make the debt itself more costly. dollar.Īnd while President Joe Biden has touted his administration’s deficit reduction efforts this year and recently signed the so-called Inflation Reduction Act, which attempts to tame 40-year high price increases caused by a variety of economic factors, economists say the latest debt numbers are a cause for concern. government’s ability to borrow - the debt numbers hit an already tenuous economy facing high inflation, rising interest rates and a strong U.S. Treasury report released Tuesday that logs America’s daily finances.Įdging closer to the statutory ceiling of roughly $31.4 trillion - an artificial cap Congress placed on the U.S. Our mission is to improve our clients’ business and market understanding by connecting them to the interests, opinions and actions from the world’s largest community of real people to strengthen their market research and advertising activities.WASHINGTON (AP) - The nation’s gross national debt has surpassed $31 trillion, according to a U.S. We’ve helped more than 6,000 market research firms, brands, media and advertising agencies, publishers, and consulting and investment firms around the world and in every industry accelerate transformation, enable better decision-making, and deliver revenue growth. Our vision for the Dynata platform is to automate the entire marketing continuum, with capabilities to target audiences uncover insights connect data activate, measure and optimize campaigns and analyze, visualize, publish and share those insights to drive your business growth. The Dynata platform, an all-in-one solution for insights, activation and measurement, leverages our robust data, innovative technology and more than 40 years’ experience as a pioneer in consumer and B2B insights. Dynata is your trusted partner for data-driven insights that power growth
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