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CEPR Examines Federal Budget, Comments on Social Security Insolvency Actions - CEPR.org
The fiscal future of America is in question, repeatedly, these days. With the National Debt Clock showing the real-time accumulation of public debt at over $38 trillion, there’s quite a bit of consternation in the media over the economic implications of such a weighty debt level. The Centre for Economic Policy Research is one organization tuned into this problem, publishing today an insightful article titled “Then and now: A look back and ahead at the US federal budget.”
The CEPR article, which you can read in full here, provides an analysis by Alan Auerbach (Robert D. Burch Professor of Economics and Law at the University of California, Berkeley) and William Gale (Arjay and Frances Miller Chair in Federal Economic Policy in the Economic Studies Program at the Brookings Institution) of the rising debt level and its inability to sustain the U.S. economy. Of interest to the Social Security Report website, of course, is the authors’ commentary on the looming insolvency facing our nation’s primary senior support system in the years ahead. The section titled “Where do we go from here?” provides brief commentary on what could happen when the Social Security trust funds are fully depleted.