Policy Backgrounders
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Navigating the Economic Storm

Policy Backgrounders

CED’s Policy Backgrounders provide timely insights on prominent business and economic policy issues facing the nation.

The Federal Deficit and Social Security

October 13, 2023

This week, the Congressional Budget Office (CBO) released its estimate of the Fiscal Year 2023 Federal deficit at $1.7 trillion, a sharp increase from Fiscal Year 2022. The Social Security Administration also announced a 3.2 percent cost-of-living increase (COLA) for Social Security recipients for 2024, adding to pressure on Social Security’s finances.

  • Both CBO’s estimate of the deficit and the pressure on Social Security show the impact of higher interest rates on overall Federal spending, including on servicing the national debt, which rose 33 percent over FY 2022.
  • A decline in Federal receipts also explains the higher deficit estimate.     
  • The Social Security Trust Fund is expected to become insolvent in 2033, requiring a 23 percent cut in benefits unless action is taken.

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Authors

Dr. Lori Esposito Murray

Dr. Lori Esposito Murray

Former President

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John Gardner

John Gardner

Vice President, Public Policy

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Publications

Webcasts, Podcasts and Videos

Window on China: Outlook for 2024

January 25, 2024 09:00 AM CET (Brussels), 04:00 PM SGT (Singapore)

China's evolving data security regulatory framework

September 14, 2023 03:00 AM ET (New York), 09:00 AM CET (Brussels), 03:00 PM SGT (Singapore)

Press Releases / In the News

BRIEF

Inflation Heads in Wrong Direction for Fed

April 26, 2024

BRIEF

US Economic Growth Cooled in Q1 2024

April 25, 2024

PRESS RELEASE

US Leading Economic Index® (LEI) Fell in March

April 18, 2024

BRIEF

March retail sales rose, but real Q1 spending was lackluster

April 15, 2024

BRIEF

CPI remained stubbornly elevated in March

April 10, 2024

BRIEF

Employment Report Poses Some Risk to Fed Cut Timing

April 05, 2024

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