The budget focuses on modern security needs by repealing sequestration cuts and spending caps that affect the Defense Department but replacing them with similarly sized funding reductions that are less front-loaded and will allow more considered cuts. The budget also expands unemployment benefits and increases funding for education, training, employment, and social services as well as income security programs in the discretionary budget. Instead, it uses government purchasing power to lower health care costs (health care costs are the largest threat to long-term fiscal sustainability) and builds upon efficiency savings from the Affordable Care Act. The People’s Budget strengthens the social safety net and proposes no benefit reductions to social insurance programs-in other words, it does not rely on simple cost-shifting to reduce the budgetary strain of health and retirement programs. By expanding public investments, boosting public employment, and subsidizing affordable college, child care, and other programs for low- and middle-wage workers, The People’s Budget aims to boost economic opportunity for all segments of the population. Facilitate economic opportunity for all.Furthermore, The People’s Budget also aims to hit more ambitious long-term public investment targets by returning nondefense discretionary spending to its historical average as a percentage of GDP by 2023.
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4 This fiscal expansion more than provides the amount of fiscal support needed to rapidly reduce labor market slack and restore the economy to full health. The budget finances roughly $209 billion in job-creation and public-investment measures in calendar year 2018 alone and roughly $610 billion over calendar years 2018–2019. 2 The budget would also ensure that the mixture of spending and revenue changes provides a net fiscal boost long enough to avoid a future fiscal cliff (i.e., a sharp drop in demand caused by budget deficits closing too quickly to sustain growth) that could throw recovery into reverse. The People’s Budget would boost gross domestic product (GDP) by 1.2 percent and employment by 1.8 million jobs in the near term.
economy since the start of the Great Recession, The People’s Budget provides an upfront economic stimulus large enough to close estimated output gaps-a measure of how far from potential the economy is operating-as well as restore employment-to-population ratios for prime-age workers to pre–Great Recession levels. To unambiguously close the persistent jobs gap that has plagued the U.S.
1įigures A–C-which show the impact of The People’s Budget on debt, deficits, and nondefense discretionary funding compared with current law, the president’s budget, and historical averages-appear in the body of the report. This paper details the budget baseline assumptions, policy changes, and budgetary modeling used in developing and scoring The People’s Budget, and it analyzes the budget’s cumulative fiscal and economic impacts, notably its near-term impacts on economic recovery and employment. It builds on recent CPC budget alternatives in setting the following priorities: near-term job creation, financing public investments, strengthening low- and middle-income families’ economic security, raising adequate revenue to meet budgetary needs while restoring fairness to the tax code, strengthening social insurance programs, and ensuring long-run fiscal sustainability. The Congressional Progressive Caucus (CPC) has unveiled its fiscal year 2019 (FY2019) budget, titled The People’s Budget: A Progressive Path Forward.
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