We’re now in the final two months of the 2012 election season. Candidates for national office, from the presidency to Congressional districts, will be making their case for how our nation can overcome its biggest challenges — including our long-term debt and deficits. In order to make sense of those arguments, it’s important for voters to understand the depth of the fiscal challenges we face, and the range of possible solutions.
That’s why the Peter G. Peterson Foundation has created the State of the Union’s Finances — an all-in-one guide to American fiscal policy aimed at helping engaged citizens understand this important issue during the election season. This detailed guide provides a breakdown of total federal spending and revenue, equipping you with the knowledge necessary to understand and evaluate the proposals candidates offer to curb our long-term national debt.
Having an informed, honest political debate about our nation’s fiscal challenges has never been more important than it is today. Our nation’s debt is currently at 70% of GDP. Under our current policies it will hit 90% of GDP by 2022 and soar to beyond 200% of GDP in the next 30 years. Many economists agree that debt-to-GDP should be 60% or less and that levels above 90% can be risky to economic growth. With the “Fiscal Cliff” approaching, our elected leaders will have an enormous opportunity to create meaningful policy reform.
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