Concord Action welcomes a variety of viewpoints on issues related to the long-term fiscal health of the nation. The following is a guest essay written by Aaron Till, senior policy analyst with the Bipartisan Policy Center. The U.S. publicly…
The Rising Cost of Interest: Why America's Debt is Becoming More Dangerous This year, financial markets have twice delivered the same unmistakable message: policy shocks can drive up the government’s borrowing costs in an instant. During “Liberation Day” in April…
The French philosopher Auguste Comte famously said, “Demography is destiny.” The United States is beginning to feel that truth as an aging population puts increasing pressure on Social Security and Medicare. Each year, the Congressional Budget Office releases a 30‑year…
Affordability has become one of the defining concerns for American families. Over the past few years, people have been squeezed by two major forces: high inflation and rising interest rates. Inflation surged to 9% in 2022 and was above 5%…
To understand where we need to go, it helps to look at where we have been. In just a quarter century, the federal budget has swung from surplus to deep deficits, with little sign of reversal ahead. Two charts illustrate…
The recent government shutdown made one thing abundantly clear: health care affordability remains a flashpoint in Washington’s fiscal battles. At the center of the dispute was the fate of the Affordable Care Act’s (ACA) enhanced premium subsidies—temporary provisions that have…
As homebuyers across the country grapple with persistently high mortgage rates, many are asking: Why is borrowing to buy a home getting so expensive? While inflation and Federal Reserve policy play a role, there’s another powerful—and often overlooked—factor at work:…
Medicare is the second-largest program in the federal budget, behind only Social Security. In fiscal year 2025, it cost $997 billion—roughly 14% of all federal spending. Although both programs primarily serve older Americans, Medicare is growing faster than Social Security…
Social Security is the largest single program in the federal budget, costing $1.6 trillion in fiscal year 2025—about 22% of total federal spending. Because of its scale, Social Security plays a major role in shaping the nation’s fiscal outlook. However,…
The federal debt has ballooned over the past two decades, with deficits growing year after year and little to stop them. Between 2010 and 2024 alone, the national debt surged by nearly $22 trillion. Despite repeated warnings from economists and…
Emergency spending plays a unique role in the federal budget process. It allows Congress to respond quickly to urgent, unforeseen events—such as natural disasters, military conflicts, serious economic downturns such as the Great Recession, or public health emergencies such as…
A 3% Deficit Target: A First Step in Stabilizing the National Debt A growing number of fiscal experts and policymakers—including Treasury Secretary Scott Bessent and financier Ray Dalio—are coalescing around the idea that reducing the federal deficit to 3% of…
