America's long-term fiscal outlook / Raleigh E. Walker, editor.

Format:

Book

Contributor:

Walker, Raleigh E.

Series:

America in the 21st century (New York, N.Y.)

America in the 21st century : political and economic issues series

Language:

English

Subjects (All):

Budget--United States.

Budget.

Government spending policy--United States.

Government spending policy.

Fiscal policy--United States.

Fiscal policy.

United States--Appropriations and expenditures--Forecasting.

United States.

Physical Description:

1 online resource (166 p.)

Edition:

1st ed.

Place of Publication:

New York : Nova Science Publishers, Inc., c2010.

Language Note:

English

Summary:

This text contains a variety of research related to the future of America's federal budget. Significant uncertainty surrounds long-term fiscal projections, but under any plausible scenario, the federal budget is on an unsustainable path- that is, federal debt will grow much faster than the economy over the long run.

Contents:

Intro

AMERICA'S LONG-TERM FISCAL OUTLOOK

LIBRARY OF CONGRESS CATALOGING-IN-PUBLICATION DATA

CONTENTS

PREFACE

Chapter 1 THE ECONOMIC IMPLICATIONS OF THE LONG-TERM FEDERAL BUDGET OUTLOOK

SUMMARY

PROJECTIONS SHOW THAT CURRENT FISCAL POLICY IS UNSUSTAINABLE

The Effects of Current Policy on the Economy

Why Can't the Contributions of Young Workers Finance the Benefits That They Have Been Promised?

Trust Funds Cannot Finance Future Benefits from a Government-Wide Perspective

ECONOMIC EFFECTS OF REFORM OPTIONS

Prefunding to Reduce the Scope of Policy Changes

Inter-Generational Equity

Reducing Uncertainty

Reform Options: Reducing Benefits

Social Security24

Medicare and Medicaid

Reform Options: Raising Taxes

Reform Options: Individual Accounts

CONCLUSION

End Notes

Chapter 2 THE LONG-TERM BUDGET OUTLOOK

THE FEDERAL BUDGET OUTLOOK OVER THE LONG RUN

Introduction and Summary

The Outlook for Federal Spending

BOX 1-2. AGING, EXCESS COST GROWTH IN HEALTH SPENDING, AND THE FEDERAL BUDGET

The Outlook for Revenues

Projected Deficits and Debt

How Would Rising Federal Debt Affect the Economy?

BOX 1-3. WHY IS FEDERAL DEBT HELD BY THE PUBLIC IMPORTANT?

Debt as a Measure of Fiscal Sustainability

Historical and Cross-Country Debt Comparisons

Alternative Fiscal Scenario

Extended-Baseline Scenario

What Are the Costs of Delaying Action on the Budget?

THE LONG-TERM OUTLOOK FOR MEDICARE AND MEDICAID

Overview of the Medicare Program

Overview of the Medicaid Program

Growth in the Programs' Costs

Medicare

Medicaid

Projections of the Programs' Costs

Projections Under Alternative Assumptions

Trust Fund Measures

Slowing the Growth of Health Care Costs

THE LONG-TERM OUTLOOK FOR SOCIAL SECURITY.

How Social Security Operates

The Outlook for Social Security Spending

Slowing the Growth of Social Security Spending

THE LONG-TERM OUTLOOK FOR OTHER FEDERAL SPENDING

Discretionary Spending

Defense Discretionary Spending

BOX 4-1. HOW FUNDING FOR OPERATIONS IN IRAQ AND AFGHANISTAN AND FOR OTHER ACTIVITIES RELATED TO THE WAR ON TERRORISM AFFECTS PROJECTIONS OF DEFENSE SPENDING

Nondefense Discretionary Spending

Other Mandatory Spending

THE LONG-TERM OUTLOOK FOR REVENUES

Revenues Over the Past 50 Years

Factors Affecting Future Federal Revenues

Revenue Projections Under CBO's Long-Term Budget Scenarios

Individual Income Taxes

Other Revenues

Implications of the Long-Term Budget Scenarios for Revenues

Impact of the AMT

Marginal Tax Rates on Income from Labor and Capital

Impact of Inflation

Chapter 3 LONG-TERM FISCAL OUTLOOK: LONG-TERM FEDERAL FISCAL CHALLENGE DRIVEN PRIMARILY BY HEALTH CARE

WHY GAO DID THIS STUDY

WHAT GAO FOUND

THE LONG-TERM FISCAL OUTLOOK REMAINS UNSUSTAINABLE

THE FEDERAL GOVERNMENT'S LONG-TERM FISCAL OUTLOOK IS DRIVEN PRIMARILY BY HEALTH CARE

Health Care Costs Have Outpaced Economic Growth

Systemwide Growth in Health Care Spending Is Driven by Certain Key Factors

THE WINDOW OF OPPORTUNITY IS NARROWING

Chapter 4 THE NATION'S LONG-TERM FISCAL OUTLOOK

GAO'S LONG-TERM FISCAL SIMULATIONS

WHY DOES IT MATTER?

WHAT HAS CHANGED SINCE OUR LAST FEDERAL MODEL UPDATE?

WHAT DRIVES OUR NATION'S LONG-TERM FISCAL OUTLOOK?

STATE AND LOCAL GOVERNMENTS FACE SIMILAR LONG-TERM FISCAL CHALLENGES

THE FISCAL GAP- ANOTHER WAY TO MEASURE THE CHALLENGE

KEY ASSUMPTIONS IN OUR FEDERAL SIMULATIONS

CHAPTER SOURCES

INDEX.

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

Description based on print version record.

ISBN:

1-61761-561-7

OCLC:

837527706