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New May 2023 GAO Report on the Nation’s Fiscal Health

While not DoD, defense, or even acquisition-specific, for situational awareness, encourage defense acquisition workforce members take a look at a new Government Accountability Office (GAO) report…

New May 2023 GAO Report on the Nation’s Fiscal Health

New May 2023 GAO Report on the Nation’s Fiscal Health
Bill Kobren
While not DoD, defense, or even acquisition-specific, for situational awareness, encourage defense acquisition workforce members take a look at a new Government Accountability Office (GAO) report entitled “GAO-23-106201 The Nation's Fiscal Health: Road Map Needed to Address Projected Unsustainable Debt Levels”.

According to the GAO, “the federal government faces an unsustainable long-term fiscal future. At the end of fiscal year 2022, debt held by the public was about 97 percent of gross domestic product (GDP). Projections from the Office of Management and Budget and the Department of the Treasury, the Congressional Budget Office, and GAO all show that current fiscal policy is unsustainable over the long term. Debt held by the public is projected to grow at a faster pace than the size of the economy. Debt held by the public is projected to reach its historical high of 106 percent of GDP within 10 years and to continue to grow at an increasing pace. GAO projects that this ratio could reach more than twice the size of the economy by 2051, absent any changes in revenue and spending policies.”

Encourage readers to consider what this potentially means for both near- and long-term future DoD budgets, future program funding profiles, and funding for long-term life cycle management of our weapon systems, investments in new technologies, or critical life cycle logistics, product support or sustainment requirements.

For those who are unfamiliar with their mission, the “GAO provides Congress, the heads of executive agencies, and the public with timely, fact-based, non-partisan information that can be used to improve government and save taxpayers billions of dollars. (Their) work is done at the request of congressional committees or subcommittees or is statutorily required by public laws or committee reports, per (their) Congressional Protocols.”