Given the significance of the U.S. debt nearing 100% of GDP, it is essential for the incoming administration to initiate serious discussions about sustainable budget priorities.
With the post-election economic landscape changing, policymakers must acknowledge that traditional economic growth and low-interest rates are no longer guaranteed.
The Penn Wharton Budget Model presents various alternatives to reduce federal deficits effectively, emphasizing the need for balanced fiscal adjustments without harming economic growth.
Implementing entitlement reforms and modest spending cuts could save nearly $3.5 trillion over ten years, boosting GDP while significantly reducing the debt-to-GDP ratio.
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