As last week’s New York Times story on a new federal anti-homelessness program shows, the sharp recent rise in homelessness highlights the importance of helping low-income families afford decent housing. For years, one of our most effective tools has been the Housing Choice Voucher Program, which helps roughly 2 million low-income families — those at risk of homelessness as well as other families — cover the cost of renting modest units of their choice in the private market.
BEYOND THE NUMBERS
If we continue current policies, the federal debt will skyrocket to almost three times the existing record by 2050. That’s from 53 percent of the gross domestic product (GDP) at the end of fiscal year 2009 to more than 300 percent of GDP in 2050. The existing record was set when the debt reached 110 percent of GDP at the end of World War II.
Kudos to the Wall Street Journal’s Gerald Seib for noting in his Capital Journal column today that the country has a major fiscal problem that demands a serious, bipartisan, and balanced policy response. I agree and commend him for the piece.
In this context, here are a few more things to keep in mind on the tax side:
Those who seek a crisp primer on why experts worry about rising deficits and debt should look no further than this morning’s testimony before the President’s fiscal commission by Robert Reischauer, the former Congressional Budget Office director and a member of the Center’s Board of Directors.
With the President’s new fiscal commission having its first meeting this morning, here are three basic points concerning the coming debate over our nation’s budget priorities.
Middle-class families with health insurance might not think they have much at stake in the new health reform law. But as a recent Center report showed, private health coverage for the middle class is surprisingly unstable.
This week on Off the Charts, we examined the huge projected federal budget deficits, implications of health reform, states and the recession, funding for schools and school lunch programs, and next steps for climate change legislation.
This Q & A is part three in a series on myths about health reform and its impact on the federal budget deficit with Jim Horney, our director of federal fiscal policy.
Does today’s report from the Department of Health and Human Services actuaries, estimating that total national spending on health care will rise by 0.9 percent in the first decade under the new health reform law, mean that the law will not control health costs or will cause the deficit to explode? Not at all.