Testimony Choosing the Nation's Fiscal Future
Subtitle
Hearing before the Senate Budget Committee U.S. Congress
Rudolph G. Penner
Display Date
File
File
Download Report
(76.58 KB)

Today's federal budget policies are unsustainable. Three programs - Social Security, Medicare, and Medicaid - constitute more than 40 percent of spending other than interest in a normal year and all are growing faster than the economy and tax revenues. At the same time, Congress has kept the overall tax burden remarkably constant as a share of gross domestic product for most of the past 50 years. The combination of these factors leads to a growing deficit. This testimony, by a former Congressional Budget Office director, discusses four policy packages that would return the United States to a sustainable budget.
Research Areas Economic mobility and inequality Taxes and budgets
Tags Fiscal policy Federal budget and economy
Policy Centers Urban-Brookings Tax Policy Center