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The Non-Partisan Congressional Budget Office is Out with Its 2023 Budget and Economic Outlook and It's Not a Positive for the Country Or Your Money
The Congressional Budget Office just released its 2023 Budget and Economic Outlook. You can view the full document or just its summary at this link.
As with most government budget documents...even the highlights versions...it can be a bit wonky with its "percent of GDP" calculations and "projections over a decade" with regard to budget numbers.
Which, unfortunately, is what likely makes most Americans tune out when the discussion turns to America's financial situation.
The details that we've published for years now, and that continue to be presented in the Congressional Budget Office's documents year after year are vital to each American's personal financial health. The debt we continue to accrue as a country will negatively impact the vast majority of Americans' wallets through high inflation, higher taxes (on all income groups) and lowered benefits from Social Security, Medicare and Medicaid.
The Committee for a Responsible Federal Budget has released a few articles regarding the CBO's recent Outlook.
Debt on Track to Exceed Records in Just 5 Years is a brief overview with a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget. A few points from the piece include:
- National debt will surpass its record as a share of the economy by 2028
- America's deficit (the amount we spend over what is collected each year) will total $1.4 trillion in 2023 and more than double in the next 10 years
- All three major federal trust funds - Highway Trust Fund, Medicare Hospital Insurance and Social Security Old-Age and Survivors Insurance - will be exhausted within the next decade (this doesn't mean they won't pay anything at that point, but payments will be significantly reduced without changes to the funds)
You can read the Committee's analysis of the CBO's projections - a bit longer and more detailed overview - at this link.
It's really well-past time that our elected officials get America's finances under control. Instead, we see them continue to spend money we don't have. And neglect action on addressing the funding shortfalls of vital programs - Social Security and Medicare - to avoid significant cuts that will affect every American accessing those programs.
Contact your federal elected officials and tell him/her responsible budgetary action is needed now. And for those who don't take action now, vote them out of office.