The non-partisan Committee for a Responsible Federal Budget (CRFB) has compiled a brief background on the scope of our nation's fiscal challenges and the drivers of our debt and deficits, while outlining some of the types of solutions available to address the problems. This Powerpoint is meant to offer an objective, easily-accessible view of our country's fiscal situation as an educational tool meant to help foster open and honest discussion about these issues.
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Averting a Fiscal Crisis
1. Averting a Fiscal Crisis The Committee for a Responsible Federal Budget
2. Deficit Projections Note: Estimates based on CRFB Realistic Baseline. 1991-2011 Average Deficit: 2.8% 2012-2021 Average Current Policy Deficit: 5.3% (Percent of GDP)
3. Gap Between Revenue and Spending Note: Estimates based on CRFB Realistic Baseline. Avg. Historical Spending (1970-2010): 20.8% Avg. Historical Revenues (1970-2010): 18.0% (Percent of GDP)
4. Components of Revenue and Spending Total Outlays = $3.629 Trillion 2011 Total Revenues = $2.230 Trillion Total Financing = $3.629 Trillion Revenues and Financing Outlays
5. Debt Projections Note: Estimates based on CRFB Realistic Baseline. Realistic Projections 2010: 62% 2024: 100% 2040: 180% 2080: 500% CRFB Realistic Debt (Percent of GDP)
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9. Growing Entitlement Spending Note: Estimates based on CRFB Realistic Baseline. Federal Spending and Revenues (Percent of GDP)
10. Why Is Entitlement Spending Growing? 36% 64% 56% 44% Source: CBO Long-term Budget Outlook, 2010. Drivers of Entitlement Spending Growth (Percent of GDP)
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12. Health Care Spending by Country Source: 2008 Data from the Organization for Economic Cooperation and Development. Percent of GDP (2008)
13. Number of Workers for Every Social Security Retiree Is Falling Source: 2011 Social Security Trustees Report. 16:1 5:1 3:1 2:1 1950 1960 2011 2035
14. Living Longer, Retiring Earlier Source: Social Security Administration and U.S. Census Bureau.
15. Looming Social Security Insolvency Source: 2011 Social Security Trustees Report. Payable Benefits Revenues Scheduled Benefits Social Security Costs and Revenues (Percent of Taxable Payroll)
16. Interest as a Share of the Budget Note: Estimates based on CRFB Realistic Projections. Total Spending = 24% of GDP Total Spending = 29% of GDP Total Spending = 39% of GDP 2010 2030 2050 (Percent of GDP)
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18. Excessive Spending Through the Tax Code (Tax Expenditures) Source: Joint Committee on Taxation. Source: Office of Management and Budget. Tax Expenditures as a Percent of Primary Spending if Included in the Budget Large Tax Expenditures and Their 2011 Costs (billions) Employer Health Insurance Exclusion $174 Mortgage Interest Deduction $89 401(k)s and IRAs $77 Earned Income Tax Credit $62 Special Rates for Capital Gains and Dividends $61 State & Local Tax Deduction $57 Charitable Deduction $49 Child Tax Credit $45