December 17, 2023
Mark Zandi, Chief Economist at Moody’s discusses why U.S. debt increased significantly before the pandemic, its dramatic rise since then, and its expected further increase.
The U.S. federal government budget has run a deficit–it has spent more than it collected in revenues–every year but five over the past five decades. Under a deficit, the federal government needs to borrow in order to pay for government programs. The national debt is the accumulation of this borrowing, together with the associated interest owed to investors; it stood at over $31 trillion as of October, 2022.
The decisions governments make concerning taxation, borrowing, and spending–and the consequences of these policies for government deficits and debt–have profound and wide-ranging effects. They impact incentives and economic performance; growth; social welfare; and financial stability, among others. Our memos and podcasts address concerns about debt; the efficacy and distributional effects of tax policies and the social safety net; demographic implications for government finances; tax evasion; and state and local finance; among other topics.
October 29, 2023
A discussion with Kim Clausing on which parts of the Tax Cuts and Jobs Act made for good tax policy, which didn’t, and what policy changes could put the US on a path of greater fiscal sustainability.
October 2, 2023
Shutdowns end up costing the government more than regular operations and can hurt the economy. There have been over 20 shutdowns in the past 50 years.
July 9, 2023
Kimberly Clausing joins EconoFact Chats to discuss the effects of higher corporate taxes, on government revenue and economic dynamism.
June 11, 2023
Distinguished economic journalists Binyamin Appelbaum, Scott Horsley, Greg Ip, and Heather Long join EconoFact Chats for a broad-based discussion on the U.S. economy.