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 $36 trillion as of January 2025.
March 16, 2026
What role did federal tax credits play in the precipitous drop in child poverty in 2021? And what lessons can be drawn for reducing child poverty in the U.S.?
March 3, 2026
Voters generally view US taxes as being too high, unfair, and overly complex. How does the U.S. tax system look when compared to other OECD countries?
October 31, 2024
Public debt in the United States is projected to rise faster and reach higher levels than in most other advanced economies.
September 20, 2024
Exempting tips from taxes does nothing to help most low-income workers, and it may do little for many tipped workers—or even actively harm them.
May 14, 2024
Current U.S. military spending is higher than at any point of the Cold War in inflation-adjusted terms, but relatively low as a percent of national income.
November 15, 2023
The debt is projected to reach levels beyond historical experience in the next 3 decades. The challenge is significant but manageable as a matter of economics.
November 2, 2023
Reducing public spending can help lower inflation. But targeted spending is especially important to protect those disproportionately hurt by high inflation.
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.
September 4, 2023
Local governments have spent hundreds of millions of dollars in public subsidies for professional sports facilities over the past 70 years. What explains this?