July 2019

  • On Monday, July 29, CBO Director Phill Swagel will speak to the Aspen Economic Strategy Group about the long-term fiscal challenges facing the nation. This blog post is provided to the members of the audience as background for those remarks.

  • In 2016, average household income before accounting for means-tested transfers and federal taxes was $21,000 for the lowest quintile and $291,000 for the highest quintile. After transfers and taxes, those averages were $35,000 and $214,000.

  • The federal budget deficit was $746 billion for the first nine months of fiscal year 2019, the CBO estimates, $139 billion more than the deficit recorded during the same period last year. Revenues were $69 billion higher and outlays were $208 billion higher than during first nine months of 2018.

  • The federal minimum wage is $7.25 per hour for most workers. In this report, CBO examines how increasing the federal minimum wage to $10, $12, or $15 per hour by 2025 would affect employment and family income.