caa a22 4500 378886657 CHVBK 20180305123444.0 cr unu---uuuuu 161128e20041025xx s 000 0 eng 10.2202/1553-3832.1004 doi (NATIONALLICENCE)gruyter-10.2202/1553-3832.1004 The Budget Outlook: Projections and Implications [Elektronische Daten] [William G. Gale, Peter R. Orszag] Under reasonable projections, the unified budget deficits over the next decade will average 3.5 percent of GDP. Compared to a balanced budget, the unified budget deficits will reduce annual national income a decade hence by 1 to 2 percent (or roughly $1,500 to $3,000 per household per year, on average), and raise average long-term interest rates over the next decade by 80 to 120 basis points. Looking out beyond the next decade, the budget outlook grows steadily worse. Over the next 75 years, if the tax cuts are made permanent, this nation’s fiscal gap amounts to about 7 percent of GDP. The main drivers of this long-term fiscal gap are, in order, the spending growth associated with Medicare and Medicaid, the revenue losses from the 2001 and 2003 tax cuts, and increases in Social Security costs. The nation has never before experienced such large long-term fiscal imbalances. They will gradually impair economic performance and living standards, and carry with them the risk of a severe fiscal crisis. ©2011 Walter de Gruyter GmbH & Co. KG, Berlin/Boston CBO nationallicence budget nationallicence George W. Bush nationallicence deficit nationallicence Social Security nationallicence Medicare nationallicence Medicaid nationallicence taxes nationallicence Gale William G. Brookings Institution aut Orszag Peter R. Brookings Institution aut The Economists' Voice De Gruyter 1/2(2004-10-25) 1:2 2004 1 ev https://doi.org/10.2202/1553-3832.1004 text/html Onlinezugriff via DOI 1 research article jats NATIONALLICENCE 856 40 https://doi.org/10.2202/1553-3832.1004 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Gale William G. Brookings Institution aut NATIONALLICENCE 700 1- Orszag Peter R. Brookings Institution aut NATIONALLICENCE 773 0- The Economists' Voice De Gruyter 1/2(2004-10-25) 1:2 2004 1 ev CC0 http://creativecommons.org/publicdomain/zero/1.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-gruyter