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COVID-19 Made America's Already Extraordinarily Bad Fiscal Problems Worse

On Wednesday, the Congressional Budget Office (CBO) released separate reports on the ten-year budget outlook and the financial outlook for major federal trust funds. The reports show the impact of COVID-19 on the economy, the failure of Congress to responsibly manage federal spending, and the cost of doing nothing to put federal entitlement programs on a sustainable financial path.

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FreedomWorks Entitlement Reform Series Part Three: Will America Avoid Fiscal Collapse?

BY Romina Boccia

The United States is on a fiscal collision course. Decades of unfunded entitlement promises, demographic changes, and a dysfunctional political process combine to drive the federal budget deep into debt. This poses a threat to the American economy and prosperity. According to projections by the nonpartisan Congressional Budget Office, public debt is projected to approach 100 percent of gross domestic product in the next 10 years and will continue growing on a rapid upward trajectory from that point.