conclusion for essay on if the us should have a flat tax system or not

The choices required to achieve a sustainable fiscal outlook will be difficult for people of all political stripes. Failing to address the fiscal imbalance imposes burdens on future generations that many would consider unfair. It reduces private investment and long-term economic growth, and it increases the risk of a financial crisis. The projected growth in debt reflects a large and growing imbalance between future spending and taxes under current law, largely fueled by the aging of the population and the growth of healthcare costs. As the pandemic recedes, CBO projects that the debt-to-GDP ratio will level off temporarily but then continue its relentless growth, reaching more than 200 percent of annual GDP by 2051. In 2019, at the peak of the business cycle, the federal deficit amounted to almost a trillion dollars.

The debt buildup was driven by spending increases related to the COVID-19 pandemic - increases that were generally viewed as justified during an unprecedented emergency.Įven prior to the pandemic, however, the debt had been rising steadily.

In 2020, according to figures from the Congressional Budget Office (CBO), the federal debt skyrocketed to more than 100 percent of annual GDP for the first time since World War II, up from 79.2 percent in 2019.

Conclusion for essay on if the us should have a flat tax system or not