k-12 Tax & $pending climate: Spending, Taxes, and Deficits

Jessica Reidl:

Annual Budget Deficits are Projected to Approach $4.4 Trillion Within a Decade (p. 7)

 Interest to Consume 31% of Revenues Within a Decade, More Than Half By 2056 (9, 79)

 The U.S. Now Has the OECD’s Largest Budget Deficit and 4th Largest Debt (21-22)

 How Did Washington Go from Budget Surpluses to Escalating Deficits? (28, 49)

 Rising Social Security & Medicare Shortfalls Drive 2023–36 Deficit Rise (45-47)

 Debt in 30 Years Reaches Between 175%–379% of GDP, Depending on Baseline (59)

 What is Driving CBO’s Projected $138 Trillion Deficit over 30 Years? (61–67)

 How Much Does Social Security Add to Annual Deficits and the Debt Per Year? (71-72)

 Each 1% Interest-Rate Rise Adds $57 Trillion (or 60% of GDP) to 30-Year Debt (75-78)

 A Menu of Tax Increase Options With 10-Year and Long-Term Estimates (81)

 Taxing the Rich Could Raise at Most 1% or 2% of GDP (84)

 Does the U.S. Have the OECD’s Most Progressive Tax Code? (92-93, 102)

 What Really Caused the 1990s Budget Surpluses? (110)

 The Comprehensive Budget Record of Presidents Bush (112-113), Obama (114–121),

Trump (122–126), and Biden (127-132)Methodology


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