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CBO describes economic outcomes of veterans who are Black, male, and working age and whose service began during or after 1990. CBO compares the outcomes of that group with outcomes of Black nonveterans and White veterans from 2017 to 2019.
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To show how variations in economic conditions might affect its budget projections, CBO analyzed how revenues, outlays, and deficits might change if the values of key economic variables differed from those in the agency’s forecast.
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Compared with private-sector employees, the average compensation costs for federal employees in 2022 were greater among workers whose education culminated in a bachelor’s degree or less, but lower among workers with more education.
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The House Committee on the Budget convened a hearing at which Phillip L. Swagel, CBO's Director, testified. This document provides CBO’s answers to questions submitted for the record.
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The federal budget deficit increases significantly in relation to gross domestic product over the next 30 years, in CBO’s projections, pushing federal debt held by the public far beyond any previously recorded level.
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In CBO’s projections, federal budget deficits total $20 trillion over the 2025–2034 period and federal debt held by the public reaches 116 percent of GDP. Economic growth slows to 1.5 percent in 2024 and then continues at a moderate pace.
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CBO provides details about the agency's most recent projections of the economy through 2025, which reflect economic developments as of December 5, 2023.
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CBO compared the earnings, personal income, and household income of working-age male veterans who received disability payments from the Department of Veterans Affairs with those of veterans who did not receive such payments.
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In 2020, the coronavirus pandemic and the ensuing federal response had significant effects on the distribution of household income. Income inequality before transfers and taxes increased, but inequality after transfers and taxes decreased.
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In CBO’s latest projections, economic growth slows and then picks up over the 2023–2025 period. That initial slowdown in economic growth drives up unemployment. Inflation continues to gradually decline.