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Discussion and Debate
Discussion and Debate
Politics
American Politics
While Cooling Slightly, Inflation Remains Stubbornly High
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<blockquote data-quote="Gene2memE" data-source="post: 77167165" data-attributes="member: 341130"><p>Yes it does. Why give me Republican talking points, when the CBO provides non-partisan data?</p><p></p><p>Here's the CBO's projections <a href="https://www.cbo.gov/publication/58946" target="_blank">The Budget and Economic Outlook: 2023 to 2033</a> :</p><ul> <li data-xf-list-type="ul">CBO projects a federal budget deficit of $1.4 trillion for 2023.</li> <li data-xf-list-type="ul">In CBO’s projections, federal outlays total $6.2 trillion, or 23.7 percent of GDP, in 2023. They remain below 24.0 percent through 2028 and grow each year thereafter, totaling 24.9 percent of GDP in 2033.</li> <li data-xf-list-type="ul">In the agency’s projections, deficits generally increase over the coming years; the shortfall in 2033 is $2.7 trillion. The deficit amounts to 5.3 percent of gross domestic product (GDP) in 2023, swells to 6.1 percent of GDP in 2024 and 2025, and then declines in the two years that follow.</li> <li data-xf-list-type="ul">In CBO’s projections, outlays and revenues measured as a percentage of GDP equal or exceed their 50-year averages through 2033. Outlays increase from 23.7 percent of GDP in 2023 (a high level by historical standards) to 24.9 percent in 2033, largely because of rising interest costs and greater spending on programs that provide benefits to elderly people.</li> <li data-xf-list-type="ul">Revenues amount to 18.3 percent of GDP in 2023. They then decline over the next two years before increasing after 2025, when certain provisions of the 2017 tax act expire. Revenues are roughly stable after 2027; they total 18.1 percent of GDP in 2033.</li> <li data-xf-list-type="ul">To combat high inflation, the Federal Reserve sharply increased the target range for the federal funds rate in 2022. In CBO’s projections, inflation gradually slows in 2023 as pressures ease from factors that, since mid-2020, have caused demand to grow more rapidly than supply. Output stagnates and unemployment rises in 2023, partially as a result of tighter monetary policy. After that, inflation slowly returns to the Federal Reserve’s long-run goal of 2 percent</li> <li data-xf-list-type="ul">The agency projects much weaker growth of real GDP for 2023 than it did last May, stronger growth during the 2024–2026 period, and similar rates of growth over the remainder of the projection period.</li> </ul><p></p><p></p><p></p><p>The biggest single increases in spending are Social Security (+$123 billion), Medicare (+110 billion) and other major Health Care Programmes (+104 billion). Defense and related spending is also up $84 billion. The big increase in the deficit are related to declines in individual income taxes, after there were some big one off payments related to capital gains and deferred payments from the pandemic period made in 2022.</p></blockquote><p></p>
[QUOTE="Gene2memE, post: 77167165, member: 341130"] Yes it does. Why give me Republican talking points, when the CBO provides non-partisan data? Here's the CBO's projections [URL="https://www.cbo.gov/publication/58946"]The Budget and Economic Outlook: 2023 to 2033[/URL] : [LIST] [*]CBO projects a federal budget deficit of $1.4 trillion for 2023. [*]In CBO’s projections, federal outlays total $6.2 trillion, or 23.7 percent of GDP, in 2023. They remain below 24.0 percent through 2028 and grow each year thereafter, totaling 24.9 percent of GDP in 2033. [*]In the agency’s projections, deficits generally increase over the coming years; the shortfall in 2033 is $2.7 trillion. The deficit amounts to 5.3 percent of gross domestic product (GDP) in 2023, swells to 6.1 percent of GDP in 2024 and 2025, and then declines in the two years that follow. [*]In CBO’s projections, outlays and revenues measured as a percentage of GDP equal or exceed their 50-year averages through 2033. Outlays increase from 23.7 percent of GDP in 2023 (a high level by historical standards) to 24.9 percent in 2033, largely because of rising interest costs and greater spending on programs that provide benefits to elderly people. [*]Revenues amount to 18.3 percent of GDP in 2023. They then decline over the next two years before increasing after 2025, when certain provisions of the 2017 tax act expire. Revenues are roughly stable after 2027; they total 18.1 percent of GDP in 2033. [*]To combat high inflation, the Federal Reserve sharply increased the target range for the federal funds rate in 2022. In CBO’s projections, inflation gradually slows in 2023 as pressures ease from factors that, since mid-2020, have caused demand to grow more rapidly than supply. Output stagnates and unemployment rises in 2023, partially as a result of tighter monetary policy. After that, inflation slowly returns to the Federal Reserve’s long-run goal of 2 percent [*]The agency projects much weaker growth of real GDP for 2023 than it did last May, stronger growth during the 2024–2026 period, and similar rates of growth over the remainder of the projection period. [/LIST] The biggest single increases in spending are Social Security (+$123 billion), Medicare (+110 billion) and other major Health Care Programmes (+104 billion). Defense and related spending is also up $84 billion. The big increase in the deficit are related to declines in individual income taxes, after there were some big one off payments related to capital gains and deferred payments from the pandemic period made in 2022. [/QUOTE]
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