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While the Congressional Budget Office estimates the act will cost $196 billion, fiscal watchdogs say it will cost closer to $233 billion when debt interest is taken into account.
This accrued interest is added to the Social Security Trust Fund and therefore the national debt each year and will be paid to Social Security recipients in the future. However, since it is a non-cash expense it is excluded from the budget deficit calculation. [60] U.S. spending per person from 1980 to 2011.
The U.S. government’s gross national debt has surpassed $34 trillion, a new record. ... commercial banks, pension funds, mutual funds, state and local governments, ... compared with more than 3% ...
During the second quarter of 2010, the debt level was 16.7%. State interest expenses remains a "modest" 4–5% of all state/local spending. Pension promises in some states are contractually binding. In many states, constitutional amendments are also required to modify them. [22] Other states have different pension laws and policies.
Pension benefits are primarily designed to favor workers who work a full career (typically at least 25 years of service), which account for approximately 24% of state-level public workers. In a study of 335 statewide retirement plans, Equable Institute found that 74.1% of pension plans in the US served this group of workers well.
(The Center Square) – Illinois’ pension debt compared to personal income is the second worst in the nation. Fitch Ratings reviewed pension funds for public employee retirees from every state ...
The national debt was up to $80,885 per person as of 2020. [153] The national debt equated to $59,143 per person U.S. population, or $159,759 per member of the U.S. working taxpayers, back in March 2016. [154] In 2008, $242 billion was spent on interest payments servicing the debt, out of a total tax revenue of $2.5 trillion, or 9.6%. Including ...
Note that the unofficial national debt clock puts its value at over $36 trillion, around $5 trillion more than the suspended debt limit. With so much national debt, the interest costs have been ...