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Diane Publishing Books
2015 Long-Term Budget Outlook
Keith Hall (ad)
The long-term outlook for the federal budget has worsened over the past several years, in the wake of the 2007-2009 recession and slow recovery. Between 2008 and 2012, federal revenues were reduced and spending was increased. As a result, budget deficits rose, totaling $5.6 trillion in those five years, and federal debt held by the public nearly doubled. Federal debt is now about 74% of the economyńˇ╗s GDP -- a higher percentage than at any point in U.S. history except a 7-year period around World War II. This report projects that if current law remained unchanged, federal debt held by the public would decline slightly relative to GDP over the next few years. After that, however, growing budget deficits -- caused mainly by the aging of the population and rising health care costs -- would push debt back to, and then above, its current high level. By 2040, federal debt held by the public would exceed 100% of GDP and would still be on an upward rise. Tables and figures. This is a print on demand report.
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