This paper extends a 2019 analysis by Olivier Blanchard by separating total estimated welfare effects of debt into crowding-out and risk-shifting components and estimates the effects of those components under alternative assumptions about technology and ...
This paper extends a 2019 analysis by Olivier Blanchard by separating total estimated welfare effects of debt into crowding-out and risk-shifting components and estimates the effects of those components under alternative assumptions about technology and preferences.
In CBO’s projections, spending on Social Security exceeds revenues to the program in 2022 and increases relative to GDP over the next 75 years, while revenues remain stable. If combined, the program’s trust funds would be exhausted in 2033.
