Testimony Choosing the Nation's Fiscal Future
Hearing before the Senate Budget Committee U.S. Congress
Rudolph G. Penner
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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