国会预算办公室-2023年美国长期预算展望(英)-64页_2mb
报告摘要
Long-Term Budget Outlook Summary: June 2023
Key Projections
- Deficits: Projected to grow from 5.8% of GDP in 2023 to 10.0% in 2053, averaging 7.3% over the period.
- Debt: Held by the public is expected to rise from 98% of GDP in 2023 to 181% in 2053, posing risks to economic growth and stability.
- Spending: Total outlays are projected to increase from 24.2% of GDP in 2023 to 29.1% in 2053, driven primarily by interest costs and healthcare spending.
- Revenues: Expected to average 18.4% of GDP from 2023-2053, with individual income taxes contributing the most growth.
- Economic Factors: Real GDP growth is projected at 1.7% per year, slower than historical averages, due to aging population, slower labor force growth, and productivity trends.
Risks and Consequences
- High Debt Risks: Includes potential for slower economic growth, higher interest payments, and increased vulnerability to fiscal crises.
- Demographic Trends: Aging population drives up healthcare and Social Security costs, exacerbating deficits.
- Uncertainty: Budget outcomes are uncertain due to unforeseen economic, demographic, or policy changes, and events like severe downturns or climate change could significantly alter projections.
Fiscal Policy Effects
- Projected increases in interest rates from current levels, partly offset by slower economic growth and productivity trends.
- Federal borrowing reduces private investment, further constraining economic output.
For detailed methodology and assumptions, refer to the full Congressional Budget Office report.
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