SlideShare uma empresa Scribd logo
1 de 24
Baixar para ler offline
Congressional Budget Office
Presentation at the University of Oregon
Lundquist College of Business, College of Arts and Sciences, and
Wayne Morse Center for Law and Politics
April 22, 2019
Keith Hall, Director
The 2019 Budget and Economic Outlook
This presentation draws on The Budget and Economic Outlook: 2019 to 2029 (January 2019), www.cbo.gov/publication/54918.
1
CBO
Values are adjusted to exclude the effects of shifts in the timing of payments that occur when October 1 (the first day of the fiscal year) falls on a weekend. Shaded vertical bars
indicate periods of recession.
Deficits
2
CBO
Debt Held by the Public
3
CBO
Economic Projections
4
CBO
Growth is measured from the average of one calendar year to the next. GDP = gross domestic product.
Growth of Real GDP
Percent 2019 2020
Middle Two-Thirds of the Range of
Estimates From the January 2019 Blue Chip
Survey of Private-Sector Forecasters
2.4 – 2.8 1.5 – 2.3
CBO 2.7 1.9
5
CBO
Shaded vertical bars indicate periods of recession. GDP = gross domestic product.
Real GDP and Potential Real GDP
6
CBO
GDP = gross domestic product.
Factors Underlying the Growth of Potential GDP
7
CBO
Shaded vertical bars indicate periods of recession.
The Unemployment Rate and the Natural Rate of Unemployment
8
CBO
Shaded vertical bars indicate periods of recession. PCE = personal consumption expenditures.
Inflation
9
CBO
Shaded vertical bars indicate periods of recession.
Interest Rates
10
CBO
Budget Projections
11
CBO
Values are adjusted to exclude the effects of shifts in the timing of payments that occur when October 1 (the first day of the fiscal year) falls on a weekend.
Deficits
12
CBO
Values are adjusted to exclude the effects of shifts in the timing of payments that occur when October 1 (the first day of the fiscal year) falls on a weekend.
Revenues and Outlays
13
CBO
Values are adjusted to exclude the effects of shifts in the timing of payments that occur when October 1 (the first day of the fiscal year) falls on a weekend.
Federal Outlays, by Category
14
CBO
Values are adjusted to exclude the effects of shifts in the timing of payments that occur when October 1 (the first day of the fiscal year) falls on a weekend.
Major Changes in Projected Outlays From 2019 to 2029
15
CBO
Values are adjusted to exclude the effects of shifts in the timing of payments that occur when October 1 (the first day of the fiscal year) falls on a weekend.
Outlays for People Age 65 or Older
as a Share of Total Noninterest Outlays
16
CBO
Total Revenues
17
CBO
Other revenue sources consist of excise taxes, remittances from the Federal Reserve System, customs duties, estate and gift taxes, and miscellaneous fees and fines.
Revenues, by Major Source
18
CBO
Debt Held by the Public
19
CBO
If productivity growth turned out to be half a
percentage point higher from 2020 to 2029
than CBO projects, deficits would average
3.7 percent of GDP instead of 4.4 percent.
If interest rates on 10-year Treasury notes
were 3.0 percent (rather than averaging
3.7 percent as in CBO’s 10-year forecast),
deficits would average 4.0 percent of GDP
(instead of 4.4 percent).
20
CBO
On net, in CBO’s baseline, the 2017 tax act
increases the deficit by $1.9 trillion from 2018
to 2028, including debt-service costs.
That estimate includes the effects of economic
changes resulting from the act, which offset
 30 percent of the impact on the primary
deficit and
 20 percent of the total impact on the deficit
including debt-service costs.
21
CBO
Real bracket creep is the process in which, as income rises faster than inflation, an ever-larger proportion of income becomes subject to higher tax rates.
Growth in Individual Income Tax Receipts
in CBO’s Baseline Projections
22
CBO
Projected Deficits, 2020 to 2029
23
CBO
Values are adjusted to exclude the effects of shifts in the timing of payments that occur when October 1 (the first day of the fiscal year) falls on a weekend.
Projected Deficits Under CBO’s Baseline
and an Alternative Fiscal Scenario

Mais conteúdo relacionado

Mais procurados

Distribution of Medicare Taxes and Spending by Lifetime Household Earnings
Distribution of Medicare Taxes and Spending by Lifetime Household EarningsDistribution of Medicare Taxes and Spending by Lifetime Household Earnings
Distribution of Medicare Taxes and Spending by Lifetime Household Earnings
Congressional Budget Office
 
Charts from CBO's testimony on Confronting the Nation's Fiscal Policy Challenges
Charts from CBO's testimony on Confronting the Nation's Fiscal Policy ChallengesCharts from CBO's testimony on Confronting the Nation's Fiscal Policy Challenges
Charts from CBO's testimony on Confronting the Nation's Fiscal Policy Challenges
Congressional Budget Office
 
Modeling the budgetary cost of fha's single family mortgage insurance
Modeling the budgetary cost of fha's single family mortgage insuranceModeling the budgetary cost of fha's single family mortgage insurance
Modeling the budgetary cost of fha's single family mortgage insurance
Congressional Budget Office
 
Charts from CBO's August 2012 Budget and Economic Outlook
Charts from CBO's August 2012 Budget and Economic OutlookCharts from CBO's August 2012 Budget and Economic Outlook
Charts from CBO's August 2012 Budget and Economic Outlook
Congressional Budget Office
 

Mais procurados (20)

Overview of the Debt Limit and Extraordinary Measures
Overview of the Debt Limit and Extraordinary MeasuresOverview of the Debt Limit and Extraordinary Measures
Overview of the Debt Limit and Extraordinary Measures
 
Item via-annual-meeting-of-the-network-on-fiscal-relations-across-levels-of-g...
Item via-annual-meeting-of-the-network-on-fiscal-relations-across-levels-of-g...Item via-annual-meeting-of-the-network-on-fiscal-relations-across-levels-of-g...
Item via-annual-meeting-of-the-network-on-fiscal-relations-across-levels-of-g...
 
Fiscal sustainability and healthcare
Fiscal sustainability and healthcareFiscal sustainability and healthcare
Fiscal sustainability and healthcare
 
The Budgetary Treatment of Surface Transportation Programs and Federal Financ...
The Budgetary Treatment of Surface Transportation Programs and Federal Financ...The Budgetary Treatment of Surface Transportation Programs and Federal Financ...
The Budgetary Treatment of Surface Transportation Programs and Federal Financ...
 
Infographic: Discretionary Spending in 2013
Infographic: Discretionary Spending in 2013Infographic: Discretionary Spending in 2013
Infographic: Discretionary Spending in 2013
 
The Status of the Highway Trust Fund and Budget Basics for the Treatment of N...
The Status of the Highway Trust Fund and Budget Basics for the Treatment of N...The Status of the Highway Trust Fund and Budget Basics for the Treatment of N...
The Status of the Highway Trust Fund and Budget Basics for the Treatment of N...
 
The Uncertainty of Long-Term Budget Projections
The Uncertainty of Long-Term Budget ProjectionsThe Uncertainty of Long-Term Budget Projections
The Uncertainty of Long-Term Budget Projections
 
Health Care and the Federal Budget
Health Care and the Federal BudgetHealth Care and the Federal Budget
Health Care and the Federal Budget
 
Dynamic Scoring at CBO
Dynamic Scoring at CBODynamic Scoring at CBO
Dynamic Scoring at CBO
 
Distribution of Medicare Taxes and Spending by Lifetime Household Earnings
Distribution of Medicare Taxes and Spending by Lifetime Household EarningsDistribution of Medicare Taxes and Spending by Lifetime Household Earnings
Distribution of Medicare Taxes and Spending by Lifetime Household Earnings
 
The Long-Term Costs of Major Health Care Programs: Fiscal Implications and P...
The Long-Term Costs of Major Health Care Programs: Fiscal Implications and P...The Long-Term Costs of Major Health Care Programs: Fiscal Implications and P...
The Long-Term Costs of Major Health Care Programs: Fiscal Implications and P...
 
The Distribution of Asset Holdings and Capital Gains
The Distribution of Asset Holdings and Capital GainsThe Distribution of Asset Holdings and Capital Gains
The Distribution of Asset Holdings and Capital Gains
 
Charts from CBO's testimony on Confronting the Nation's Fiscal Policy Challenges
Charts from CBO's testimony on Confronting the Nation's Fiscal Policy ChallengesCharts from CBO's testimony on Confronting the Nation's Fiscal Policy Challenges
Charts from CBO's testimony on Confronting the Nation's Fiscal Policy Challenges
 
Fiscal Policy and Automatic Stabilizers
Fiscal Policy and Automatic StabilizersFiscal Policy and Automatic Stabilizers
Fiscal Policy and Automatic Stabilizers
 
Modeling the budgetary cost of fha's single family mortgage insurance
Modeling the budgetary cost of fha's single family mortgage insuranceModeling the budgetary cost of fha's single family mortgage insurance
Modeling the budgetary cost of fha's single family mortgage insurance
 
Charts from CBO's August 2012 Budget and Economic Outlook
Charts from CBO's August 2012 Budget and Economic OutlookCharts from CBO's August 2012 Budget and Economic Outlook
Charts from CBO's August 2012 Budget and Economic Outlook
 
Cbo, the Budget Process, and the Outlook
Cbo, the Budget Process, and the OutlookCbo, the Budget Process, and the Outlook
Cbo, the Budget Process, and the Outlook
 
Trends in the Distribution of Household Income
Trends in the Distribution of Household IncomeTrends in the Distribution of Household Income
Trends in the Distribution of Household Income
 
The Budgetary Treatment of Federal Financing Instruments
The Budgetary Treatment of Federal Financing InstrumentsThe Budgetary Treatment of Federal Financing Instruments
The Budgetary Treatment of Federal Financing Instruments
 
Prospects for DoD's Budget Over the Next Decade
Prospects for DoD's Budget Over the Next DecadeProspects for DoD's Budget Over the Next Decade
Prospects for DoD's Budget Over the Next Decade
 

Semelhante a The 2019 Budget and Economic Outlook

Congressional Budget Office Revises 2013 Budget Deficit
Congressional Budget Office Revises 2013 Budget DeficitCongressional Budget Office Revises 2013 Budget Deficit
Congressional Budget Office Revises 2013 Budget Deficit
Advisors4Advisors
 

Semelhante a The 2019 Budget and Economic Outlook (20)

On The Budget and Economic Outlook: 2019 to 2029
On The Budget and Economic Outlook: 2019 to 2029On The Budget and Economic Outlook: 2019 to 2029
On The Budget and Economic Outlook: 2019 to 2029
 
The Budget Outlook for 2019 to 2029 in 16 Slides
The Budget Outlook for 2019 to 2029 in 16 SlidesThe Budget Outlook for 2019 to 2029 in 16 Slides
The Budget Outlook for 2019 to 2029 in 16 Slides
 
The Budget Outlook for 2020 to 2030 in 13 Slides
The Budget Outlook for 2020 to 2030 in 13 SlidesThe Budget Outlook for 2020 to 2030 in 13 Slides
The Budget Outlook for 2020 to 2030 in 13 Slides
 
The 2020 Budget and Economic Outlook
The 2020 Budget and Economic OutlookThe 2020 Budget and Economic Outlook
The 2020 Budget and Economic Outlook
 
The 2020 Budget and Economic Outlook
The 2020 Budget and Economic OutlookThe 2020 Budget and Economic Outlook
The 2020 Budget and Economic Outlook
 
The 2020 Budget and Economic Outlook
The 2020 Budget and Economic OutlookThe 2020 Budget and Economic Outlook
The 2020 Budget and Economic Outlook
 
Congressional Budget Office Revises 2013 Budget Deficit
Congressional Budget Office Revises 2013 Budget DeficitCongressional Budget Office Revises 2013 Budget Deficit
Congressional Budget Office Revises 2013 Budget Deficit
 
Macroeconomic Analysis at CBO
Macroeconomic Analysis at CBOMacroeconomic Analysis at CBO
Macroeconomic Analysis at CBO
 
The Budget and Economic Outlook: 2022 to 2032
The Budget and Economic Outlook: 2022 to 2032The Budget and Economic Outlook: 2022 to 2032
The Budget and Economic Outlook: 2022 to 2032
 
The U.S. Budget and Economic Outlook (Presentation)
The U.S. Budget and Economic Outlook (Presentation)The U.S. Budget and Economic Outlook (Presentation)
The U.S. Budget and Economic Outlook (Presentation)
 
CBO’s 10-Year Budget and Economic Projections
CBO’s 10-Year Budget and Economic ProjectionsCBO’s 10-Year Budget and Economic Projections
CBO’s 10-Year Budget and Economic Projections
 
An Overview of The Budget and Economic Outlook 2020 to 2030
An Overview of The Budget and Economic Outlook 2020 to 2030An Overview of The Budget and Economic Outlook 2020 to 2030
An Overview of The Budget and Economic Outlook 2020 to 2030
 
A Presentation on Financial Regulation and the Federal Budget
A Presentation on Financial Regulation and the Federal BudgetA Presentation on Financial Regulation and the Federal Budget
A Presentation on Financial Regulation and the Federal Budget
 
An Overview of the 2021 Long-Term Budget Outlook
An Overview of the 2021 Long-Term Budget OutlookAn Overview of the 2021 Long-Term Budget Outlook
An Overview of the 2021 Long-Term Budget Outlook
 
An Overview of The 2018 Budget and Economic Outlook
An Overview of The 2018 Budget and Economic OutlookAn Overview of The 2018 Budget and Economic Outlook
An Overview of The 2018 Budget and Economic Outlook
 
The Budget and Economic Outlook for 2024 to 2034: Press Briefing Slides
The Budget and Economic Outlook for 2024 to 2034: Press Briefing SlidesThe Budget and Economic Outlook for 2024 to 2034: Press Briefing Slides
The Budget and Economic Outlook for 2024 to 2034: Press Briefing Slides
 
Concord Coalition: The Current US Fiscal Situation (October 2020)
Concord Coalition: The Current US Fiscal Situation (October 2020)Concord Coalition: The Current US Fiscal Situation (October 2020)
Concord Coalition: The Current US Fiscal Situation (October 2020)
 
An Overview of the 2022 Long-Term Budget Outlook
An Overview of the 2022 Long-Term Budget OutlookAn Overview of the 2022 Long-Term Budget Outlook
An Overview of the 2022 Long-Term Budget Outlook
 
Baseline Budget Projections
Baseline Budget ProjectionsBaseline Budget Projections
Baseline Budget Projections
 
An Overview of the 2022 Long-Term Budget Outlook
An Overview of the 2022 Long-Term Budget OutlookAn Overview of the 2022 Long-Term Budget Outlook
An Overview of the 2022 Long-Term Budget Outlook
 

Mais de Congressional Budget Office

Mais de Congressional Budget Office (20)

CBO’s Recent Appeals for New Research on Health-Related Topics
CBO’s Recent Appeals for New Research on Health-Related TopicsCBO’s Recent Appeals for New Research on Health-Related Topics
CBO’s Recent Appeals for New Research on Health-Related Topics
 
The Federal Budget and Health Care Policy
The Federal Budget and Health Care PolicyThe Federal Budget and Health Care Policy
The Federal Budget and Health Care Policy
 
How the Congressional Budget Office Assists Lawmakers
How the Congressional Budget Office Assists LawmakersHow the Congressional Budget Office Assists Lawmakers
How the Congressional Budget Office Assists Lawmakers
 
Introduction to the Role of the Congressional Budget Office
Introduction to the Role of the Congressional Budget OfficeIntroduction to the Role of the Congressional Budget Office
Introduction to the Role of the Congressional Budget Office
 
CBO’s Work on Health Care and a Call for New Research
CBO’s Work on Health Care and a Call for New ResearchCBO’s Work on Health Care and a Call for New Research
CBO’s Work on Health Care and a Call for New Research
 
The Federal Perspective on Coverage of Medications to Treat Obesity: Consider...
The Federal Perspective on Coverage of Medications to Treat Obesity: Consider...The Federal Perspective on Coverage of Medications to Treat Obesity: Consider...
The Federal Perspective on Coverage of Medications to Treat Obesity: Consider...
 
CBO’s Approach to Estimating the Budgetary Effects of the No Surprises Act of...
CBO’s Approach to Estimating the Budgetary Effects of the No Surprises Act of...CBO’s Approach to Estimating the Budgetary Effects of the No Surprises Act of...
CBO’s Approach to Estimating the Budgetary Effects of the No Surprises Act of...
 
The Economic Outlook for 2024 to 2034 in 19 Slides
The Economic Outlook for 2024 to 2034 in 19 SlidesThe Economic Outlook for 2024 to 2034 in 19 Slides
The Economic Outlook for 2024 to 2034 in 19 Slides
 
Using Multiple Data Sources to Learn About the Race and Ethnicity of Taxpayers
Using Multiple Data Sources to Learn About the Race and Ethnicity of TaxpayersUsing Multiple Data Sources to Learn About the Race and Ethnicity of Taxpayers
Using Multiple Data Sources to Learn About the Race and Ethnicity of Taxpayers
 
Perspectives on the Navy’s 2024 Shipbuilding Plan
Perspectives on the Navy’s 2024 Shipbuilding PlanPerspectives on the Navy’s 2024 Shipbuilding Plan
Perspectives on the Navy’s 2024 Shipbuilding Plan
 
The 2024 Outlook for Navy Shipbuilding: Familiar Plans and Higher Costs
The 2024 Outlook for Navy Shipbuilding: Familiar Plans and Higher CostsThe 2024 Outlook for Navy Shipbuilding: Familiar Plans and Higher Costs
The 2024 Outlook for Navy Shipbuilding: Familiar Plans and Higher Costs
 
CBO’s Use of GitHub
CBO’s Use of GitHubCBO’s Use of GitHub
CBO’s Use of GitHub
 
Exploring the Effects of Medicaid During Childhood on the Economy and the Budget
Exploring the Effects of Medicaid During Childhood on the Economy and the BudgetExploring the Effects of Medicaid During Childhood on the Economy and the Budget
Exploring the Effects of Medicaid During Childhood on the Economy and the Budget
 
CBO’s Role and Most Recent Long-Term Budget Projections
CBO’s Role and Most Recent Long-Term Budget ProjectionsCBO’s Role and Most Recent Long-Term Budget Projections
CBO’s Role and Most Recent Long-Term Budget Projections
 
Atlas of Military Compensation
Atlas of Military CompensationAtlas of Military Compensation
Atlas of Military Compensation
 
Approaches to Estimating the Noncyclical Rate of Unemployment
 Approaches to Estimating the Noncyclical Rate of Unemployment Approaches to Estimating the Noncyclical Rate of Unemployment
Approaches to Estimating the Noncyclical Rate of Unemployment
 
CBO’s Analysis of the Long-Term Budgetary Outlook
CBO’s Analysis of the Long-Term Budgetary OutlookCBO’s Analysis of the Long-Term Budgetary Outlook
CBO’s Analysis of the Long-Term Budgetary Outlook
 
Projecting the Effects of U.S. Federal Policies on Electric Vehicle Demand an...
Projecting the Effects of U.S. Federal Policies on Electric Vehicle Demand an...Projecting the Effects of U.S. Federal Policies on Electric Vehicle Demand an...
Projecting the Effects of U.S. Federal Policies on Electric Vehicle Demand an...
 
CBO’s Recent Appeals for New Research to Enhance Its Work for the Congress
CBO’s Recent Appeals for New Research to Enhance Its Work for the CongressCBO’s Recent Appeals for New Research to Enhance Its Work for the Congress
CBO’s Recent Appeals for New Research to Enhance Its Work for the Congress
 
Trends in the Distribution of Household Income From 1979 to 2020
Trends in the Distribution of Household Income From 1979 to 2020Trends in the Distribution of Household Income From 1979 to 2020
Trends in the Distribution of Household Income From 1979 to 2020
 

Último

Call Girls In datia Escorts ☎️7427069034 🔝 💃 Enjoy 24/7 Escort Service Enjoy...
Call Girls In datia Escorts ☎️7427069034  🔝 💃 Enjoy 24/7 Escort Service Enjoy...Call Girls In datia Escorts ☎️7427069034  🔝 💃 Enjoy 24/7 Escort Service Enjoy...
Call Girls In datia Escorts ☎️7427069034 🔝 💃 Enjoy 24/7 Escort Service Enjoy...
nehasharma67844
 
Call Girls in Chandni Chowk (delhi) call me [9953056974] escort service 24X7
Call Girls in Chandni Chowk (delhi) call me [9953056974] escort service 24X7Call Girls in Chandni Chowk (delhi) call me [9953056974] escort service 24X7
Call Girls in Chandni Chowk (delhi) call me [9953056974] escort service 24X7
9953056974 Low Rate Call Girls In Saket, Delhi NCR
 
call girls in Raghubir Nagar (DELHI) 🔝 >༒9953056974 🔝 genuine Escort Service ...
call girls in Raghubir Nagar (DELHI) 🔝 >༒9953056974 🔝 genuine Escort Service ...call girls in Raghubir Nagar (DELHI) 🔝 >༒9953056974 🔝 genuine Escort Service ...
call girls in Raghubir Nagar (DELHI) 🔝 >༒9953056974 🔝 genuine Escort Service ...
9953056974 Low Rate Call Girls In Saket, Delhi NCR
 

Último (20)

VIP Model Call Girls Narhe ( Pune ) Call ON 8005736733 Starting From 5K to 25...
VIP Model Call Girls Narhe ( Pune ) Call ON 8005736733 Starting From 5K to 25...VIP Model Call Girls Narhe ( Pune ) Call ON 8005736733 Starting From 5K to 25...
VIP Model Call Girls Narhe ( Pune ) Call ON 8005736733 Starting From 5K to 25...
 
Call On 6297143586 Yerwada Call Girls In All Pune 24/7 Provide Call With Bes...
Call On 6297143586  Yerwada Call Girls In All Pune 24/7 Provide Call With Bes...Call On 6297143586  Yerwada Call Girls In All Pune 24/7 Provide Call With Bes...
Call On 6297143586 Yerwada Call Girls In All Pune 24/7 Provide Call With Bes...
 
Call Girls In datia Escorts ☎️7427069034 🔝 💃 Enjoy 24/7 Escort Service Enjoy...
Call Girls In datia Escorts ☎️7427069034  🔝 💃 Enjoy 24/7 Escort Service Enjoy...Call Girls In datia Escorts ☎️7427069034  🔝 💃 Enjoy 24/7 Escort Service Enjoy...
Call Girls In datia Escorts ☎️7427069034 🔝 💃 Enjoy 24/7 Escort Service Enjoy...
 
Financing strategies for adaptation. Presentation for CANCC
Financing strategies for adaptation. Presentation for CANCCFinancing strategies for adaptation. Presentation for CANCC
Financing strategies for adaptation. Presentation for CANCC
 
Sustainability by Design: Assessment Tool for Just Energy Transition Plans
Sustainability by Design: Assessment Tool for Just Energy Transition PlansSustainability by Design: Assessment Tool for Just Energy Transition Plans
Sustainability by Design: Assessment Tool for Just Energy Transition Plans
 
celebrity 💋 Nagpur Escorts Just Dail 8250092165 service available anytime 24 ...
celebrity 💋 Nagpur Escorts Just Dail 8250092165 service available anytime 24 ...celebrity 💋 Nagpur Escorts Just Dail 8250092165 service available anytime 24 ...
celebrity 💋 Nagpur Escorts Just Dail 8250092165 service available anytime 24 ...
 
The Economic and Organised Crime Office (EOCO) has been advised by the Office...
The Economic and Organised Crime Office (EOCO) has been advised by the Office...The Economic and Organised Crime Office (EOCO) has been advised by the Office...
The Economic and Organised Crime Office (EOCO) has been advised by the Office...
 
Nanded City ? Russian Call Girls Pune - 450+ Call Girl Cash Payment 800573673...
Nanded City ? Russian Call Girls Pune - 450+ Call Girl Cash Payment 800573673...Nanded City ? Russian Call Girls Pune - 450+ Call Girl Cash Payment 800573673...
Nanded City ? Russian Call Girls Pune - 450+ Call Girl Cash Payment 800573673...
 
Call Girls in Chandni Chowk (delhi) call me [9953056974] escort service 24X7
Call Girls in Chandni Chowk (delhi) call me [9953056974] escort service 24X7Call Girls in Chandni Chowk (delhi) call me [9953056974] escort service 24X7
Call Girls in Chandni Chowk (delhi) call me [9953056974] escort service 24X7
 
VIP Model Call Girls Baramati ( Pune ) Call ON 8005736733 Starting From 5K to...
VIP Model Call Girls Baramati ( Pune ) Call ON 8005736733 Starting From 5K to...VIP Model Call Girls Baramati ( Pune ) Call ON 8005736733 Starting From 5K to...
VIP Model Call Girls Baramati ( Pune ) Call ON 8005736733 Starting From 5K to...
 
World Press Freedom Day 2024; May 3rd - Poster
World Press Freedom Day 2024; May 3rd - PosterWorld Press Freedom Day 2024; May 3rd - Poster
World Press Freedom Day 2024; May 3rd - Poster
 
call girls in Raghubir Nagar (DELHI) 🔝 >༒9953056974 🔝 genuine Escort Service ...
call girls in Raghubir Nagar (DELHI) 🔝 >༒9953056974 🔝 genuine Escort Service ...call girls in Raghubir Nagar (DELHI) 🔝 >༒9953056974 🔝 genuine Escort Service ...
call girls in Raghubir Nagar (DELHI) 🔝 >༒9953056974 🔝 genuine Escort Service ...
 
Get Premium Budhwar Peth Call Girls (8005736733) 24x7 Rate 15999 with A/c Roo...
Get Premium Budhwar Peth Call Girls (8005736733) 24x7 Rate 15999 with A/c Roo...Get Premium Budhwar Peth Call Girls (8005736733) 24x7 Rate 15999 with A/c Roo...
Get Premium Budhwar Peth Call Girls (8005736733) 24x7 Rate 15999 with A/c Roo...
 
Just Call Vip call girls Wardha Escorts ☎️8617370543 Starting From 5K to 25K ...
Just Call Vip call girls Wardha Escorts ☎️8617370543 Starting From 5K to 25K ...Just Call Vip call girls Wardha Escorts ☎️8617370543 Starting From 5K to 25K ...
Just Call Vip call girls Wardha Escorts ☎️8617370543 Starting From 5K to 25K ...
 
best call girls in Pune - 450+ Call Girl Cash Payment 8005736733 Neha Thakur
best call girls in Pune - 450+ Call Girl Cash Payment 8005736733 Neha Thakurbest call girls in Pune - 450+ Call Girl Cash Payment 8005736733 Neha Thakur
best call girls in Pune - 450+ Call Girl Cash Payment 8005736733 Neha Thakur
 
Tuvalu Coastal Adaptation Project (TCAP)
Tuvalu Coastal Adaptation Project (TCAP)Tuvalu Coastal Adaptation Project (TCAP)
Tuvalu Coastal Adaptation Project (TCAP)
 
SMART BANGLADESH I PPTX I SLIDE IShovan Prita Paul.pptx
SMART BANGLADESH  I    PPTX   I    SLIDE   IShovan Prita Paul.pptxSMART BANGLADESH  I    PPTX   I    SLIDE   IShovan Prita Paul.pptx
SMART BANGLADESH I PPTX I SLIDE IShovan Prita Paul.pptx
 
Scaling up coastal adaptation in Maldives through the NAP process
Scaling up coastal adaptation in Maldives through the NAP processScaling up coastal adaptation in Maldives through the NAP process
Scaling up coastal adaptation in Maldives through the NAP process
 
Hinjewadi * VIP Call Girls Pune | Whatsapp No 8005736733 VIP Escorts Service ...
Hinjewadi * VIP Call Girls Pune | Whatsapp No 8005736733 VIP Escorts Service ...Hinjewadi * VIP Call Girls Pune | Whatsapp No 8005736733 VIP Escorts Service ...
Hinjewadi * VIP Call Girls Pune | Whatsapp No 8005736733 VIP Escorts Service ...
 
Call On 6297143586 Viman Nagar Call Girls In All Pune 24/7 Provide Call With...
Call On 6297143586  Viman Nagar Call Girls In All Pune 24/7 Provide Call With...Call On 6297143586  Viman Nagar Call Girls In All Pune 24/7 Provide Call With...
Call On 6297143586 Viman Nagar Call Girls In All Pune 24/7 Provide Call With...
 

The 2019 Budget and Economic Outlook

  • 1. Congressional Budget Office Presentation at the University of Oregon Lundquist College of Business, College of Arts and Sciences, and Wayne Morse Center for Law and Politics April 22, 2019 Keith Hall, Director The 2019 Budget and Economic Outlook This presentation draws on The Budget and Economic Outlook: 2019 to 2029 (January 2019), www.cbo.gov/publication/54918.
  • 2. 1 CBO Values are adjusted to exclude the effects of shifts in the timing of payments that occur when October 1 (the first day of the fiscal year) falls on a weekend. Shaded vertical bars indicate periods of recession. Deficits
  • 3. 2 CBO Debt Held by the Public
  • 5. 4 CBO Growth is measured from the average of one calendar year to the next. GDP = gross domestic product. Growth of Real GDP Percent 2019 2020 Middle Two-Thirds of the Range of Estimates From the January 2019 Blue Chip Survey of Private-Sector Forecasters 2.4 – 2.8 1.5 – 2.3 CBO 2.7 1.9
  • 6. 5 CBO Shaded vertical bars indicate periods of recession. GDP = gross domestic product. Real GDP and Potential Real GDP
  • 7. 6 CBO GDP = gross domestic product. Factors Underlying the Growth of Potential GDP
  • 8. 7 CBO Shaded vertical bars indicate periods of recession. The Unemployment Rate and the Natural Rate of Unemployment
  • 9. 8 CBO Shaded vertical bars indicate periods of recession. PCE = personal consumption expenditures. Inflation
  • 10. 9 CBO Shaded vertical bars indicate periods of recession. Interest Rates
  • 12. 11 CBO Values are adjusted to exclude the effects of shifts in the timing of payments that occur when October 1 (the first day of the fiscal year) falls on a weekend. Deficits
  • 13. 12 CBO Values are adjusted to exclude the effects of shifts in the timing of payments that occur when October 1 (the first day of the fiscal year) falls on a weekend. Revenues and Outlays
  • 14. 13 CBO Values are adjusted to exclude the effects of shifts in the timing of payments that occur when October 1 (the first day of the fiscal year) falls on a weekend. Federal Outlays, by Category
  • 15. 14 CBO Values are adjusted to exclude the effects of shifts in the timing of payments that occur when October 1 (the first day of the fiscal year) falls on a weekend. Major Changes in Projected Outlays From 2019 to 2029
  • 16. 15 CBO Values are adjusted to exclude the effects of shifts in the timing of payments that occur when October 1 (the first day of the fiscal year) falls on a weekend. Outlays for People Age 65 or Older as a Share of Total Noninterest Outlays
  • 18. 17 CBO Other revenue sources consist of excise taxes, remittances from the Federal Reserve System, customs duties, estate and gift taxes, and miscellaneous fees and fines. Revenues, by Major Source
  • 19. 18 CBO Debt Held by the Public
  • 20. 19 CBO If productivity growth turned out to be half a percentage point higher from 2020 to 2029 than CBO projects, deficits would average 3.7 percent of GDP instead of 4.4 percent. If interest rates on 10-year Treasury notes were 3.0 percent (rather than averaging 3.7 percent as in CBO’s 10-year forecast), deficits would average 4.0 percent of GDP (instead of 4.4 percent).
  • 21. 20 CBO On net, in CBO’s baseline, the 2017 tax act increases the deficit by $1.9 trillion from 2018 to 2028, including debt-service costs. That estimate includes the effects of economic changes resulting from the act, which offset  30 percent of the impact on the primary deficit and  20 percent of the total impact on the deficit including debt-service costs.
  • 22. 21 CBO Real bracket creep is the process in which, as income rises faster than inflation, an ever-larger proportion of income becomes subject to higher tax rates. Growth in Individual Income Tax Receipts in CBO’s Baseline Projections
  • 24. 23 CBO Values are adjusted to exclude the effects of shifts in the timing of payments that occur when October 1 (the first day of the fiscal year) falls on a weekend. Projected Deficits Under CBO’s Baseline and an Alternative Fiscal Scenario