Penn Wharton Budget Model analysis outlines policies the Trump administration could pursue to reduce the long-term growth of the national debt while spurring additional economic growth.
A new analysis by the nonpartisan Penn Wharton Budget Model outlines policies that would reduce federal debt while spurring long-term economic growth, as the incoming Trump administration is due to face policy debates over taxes, spending and debt next year. The federal government faces several key policy deadlines in 2025, starting with the debt limit suspension ending in January, which will require Congress and President-elect Trump to raise the debt limit to avoid default.
's analysis notes that the aging of America's population is straining the finances of Social Security and Medicare, as retirees are living longer and there are relatively fewer working-age families supporting more retirees. It suggests that the U.S. can't rely on economic growth alone to stabilize those programs' finances, so policy reforms are needed to achieve that.
The Medicare eligibility age would also be raised from 65 to 67, with the change fully phased in by 2036 under the illustration. It would also convert Medicare to a premium support system in which beneficiaries would choose from different insurance plans, with the federal government sharing the cost of premiums. With the U.S.
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