LEADER 05861nam 2200625 a 450 001 9910960749803321 005 20251116181807.0 010 $a1-61761-561-7 035 $a(CKB)2550000001042917 035 $a(EBL)3020874 035 $a(SSID)ssj0000880397 035 $a(PQKBManifestationID)11466233 035 $a(PQKBTitleCode)TC0000880397 035 $a(PQKBWorkID)10890557 035 $a(PQKB)10673032 035 $a(MiAaPQ)EBC3020874 035 $a(Au-PeEL)EBL3020874 035 $a(CaPaEBR)ebr10681012 035 $a(OCoLC)837527706 035 $a(BIP)27212482 035 $a(EXLCZ)992550000001042917 100 $a20090820d2010 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 00$aAmerica's long-term fiscal outlook /$fRaleigh E. Walker, editor 205 $a1st ed. 210 $aNew York $cNova Science Publishers, Inc.$dc2010 215 $a1 online resource (166 p.) 225 1 $aAmerica in the 21st century : political and economic issues series 300 $aDescription based upon print version of record. 311 08$a1-60741-332-9 320 $aIncludes bibliographical references and index. 327 $aIntro -- AMERICA'S LONG-TERM FISCAL OUTLOOK -- AMERICA'S LONG-TERM FISCAL OUTLOOK -- LIBRARY OF CONGRESS CATALOGING-IN-PUBLICATION DATA -- CONTENTS -- PREFACE -- Chapter 1 THE ECONOMIC IMPLICATIONS OF THE LONG-TERM FEDERAL BUDGET OUTLOOK -- SUMMARY -- PROJECTIONS SHOW THAT CURRENT FISCAL POLICY IS UNSUSTAINABLE -- The Effects of Current Policy on the Economy -- Why Can't the Contributions of Young Workers Finance the Benefits That They Have Been Promised? -- Trust Funds Cannot Finance Future Benefits from a Government-Wide Perspective -- ECONOMIC EFFECTS OF REFORM OPTIONS -- Prefunding to Reduce the Scope of Policy Changes -- Inter-Generational Equity -- Reducing Uncertainty -- Reform Options: Reducing Benefits -- Social Security24 -- Medicare and Medicaid -- Reform Options: Raising Taxes -- Reform Options: Individual Accounts -- CONCLUSION -- End Notes -- Chapter 2 THE LONG-TERM BUDGET OUTLOOK -- THE FEDERAL BUDGET OUTLOOK OVER THE LONG RUN -- Introduction and Summary -- The Outlook for Federal Spending -- BOX 1-2. AGING, EXCESS COST GROWTH IN HEALTH SPENDING, AND THE FEDERAL BUDGET -- The Outlook for Revenues -- Projected Deficits and Debt -- How Would Rising Federal Debt Affect the Economy? -- BOX 1-3. WHY IS FEDERAL DEBT HELD BY THE PUBLIC IMPORTANT? -- Debt as a Measure of Fiscal Sustainability -- Historical and Cross-Country Debt Comparisons -- Alternative Fiscal Scenario -- Extended-Baseline Scenario -- What Are the Costs of Delaying Action on the Budget? -- THE LONG-TERM OUTLOOK FOR MEDICARE AND MEDICAID -- Overview of the Medicare Program -- Overview of the Medicaid Program -- Growth in the Programs' Costs -- Medicare -- Medicaid -- Projections of the Programs' Costs -- Projections Under Alternative Assumptions -- Trust Fund Measures -- Slowing the Growth of Health Care Costs -- THE LONG-TERM OUTLOOK FOR SOCIAL SECURITY. 327 $aHow Social Security Operates -- The Outlook for Social Security Spending -- Slowing the Growth of Social Security Spending -- THE LONG-TERM OUTLOOK FOR OTHER FEDERAL SPENDING -- Discretionary Spending -- Defense Discretionary Spending -- BOX 4-1. HOW FUNDING FOR OPERATIONS IN IRAQ AND AFGHANISTAN AND FOR OTHER ACTIVITIES RELATED TO THE WAR ON TERRORISM AFFECTS PROJECTIONS OF DEFENSE SPENDING -- Nondefense Discretionary Spending -- Other Mandatory Spending -- THE LONG-TERM OUTLOOK FOR REVENUES -- Revenues Over the Past 50 Years -- Factors Affecting Future Federal Revenues -- Revenue Projections Under CBO's Long-Term Budget Scenarios -- Individual Income Taxes -- Other Revenues -- Implications of the Long-Term Budget Scenarios for Revenues -- Impact of the AMT -- Marginal Tax Rates on Income from Labor and Capital -- Impact of Inflation -- End Notes -- Chapter 3 LONG-TERM FISCAL OUTLOOK: LONG-TERM FEDERAL FISCAL CHALLENGE DRIVEN PRIMARILY BY HEALTH CARE -- WHY GAO DID THIS STUDY -- WHAT GAO FOUND -- THE LONG-TERM FISCAL OUTLOOK REMAINS UNSUSTAINABLE -- THE FEDERAL GOVERNMENT'S LONG-TERM FISCAL OUTLOOK IS DRIVEN PRIMARILY BY HEALTH CARE -- Health Care Costs Have Outpaced Economic Growth -- Systemwide Growth in Health Care Spending Is Driven by Certain Key Factors -- THE WINDOW OF OPPORTUNITY IS NARROWING -- End Notes -- Chapter 4 THE NATION'S LONG-TERM FISCAL OUTLOOK -- GAO'S LONG-TERM FISCAL SIMULATIONS -- WHY DOES IT MATTER? -- WHAT HAS CHANGED SINCE OUR LAST FEDERAL MODEL UPDATE? -- WHAT DRIVES OUR NATION'S LONG-TERM FISCAL OUTLOOK? -- STATE AND LOCAL GOVERNMENTS FACE SIMILAR LONG-TERM FISCAL CHALLENGES -- THE FISCAL GAP- ANOTHER WAY TO MEASURE THE CHALLENGE -- KEY ASSUMPTIONS IN OUR FEDERAL SIMULATIONS -- End Notes -- CHAPTER SOURCES -- INDEX. 330 $aThis text contains a variety of research related to the future of America's federal budget. Significant uncertainty surrounds long-term fiscal projections, but under any plausible scenario, the federal budget is on an unsustainable path- that is, federal debt will grow much faster than the economy over the long run. 410 0$aAmerica in the 21st century (New York, N.Y.) 606 $aBudget$zUnited States 606 $aGovernment spending policy$zUnited States 606 $aFiscal policy$zUnited States 607 $aUnited States$xAppropriations and expenditures$xForecasting 615 0$aBudget 615 0$aGovernment spending policy 615 0$aFiscal policy 676 $a339.5/20973 701 $aWalker$b Raleigh E$01865539 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910960749803321 996 $aAmerica's long-term fiscal outlook$94472660 997 $aUNINA