The last time the U.S. federal deficit was this high, as a percentage of the total size of the economy, was 1946. The debt-to-GDP ratio was 119%.
Concord in the News
(Kevin) Wiley is involved with the Concord Coalition a national, nonpartisan organization dedicated to fiscal responsibility and reform.
Some Republicans fear a tea party-like backlash against the trillions of dollars in spending Congress approved, said Robert L.
In short, the needs are sweeping and urgent, and a deal needs to be struck. The Democrats in their House bill started at $3 trillion in aid.
One of the few voices that has not been silent is that of the Concord Coalition, a nonpartisan group that for many years has tried to push both parties toward balancing the federal budget.
“If we were to suffer a recession identical to the Great Recession again, Social Security’s trust fund would be gone in 2029,” BPC analyst Nicko Gladstone said.
Most of the debt incurred so far to deal with the coronavirus has been purchased by the Federal Reserve, not foreign or domestic savers, said Joshua Gordon, senior policy adviser at the Concord Coa