The Fiscal Policy Initiative researches potential solutions to the nation’s fiscal policy challenges, providing a road map that promotes future economic growth and opportunity. Led by Senior Fellow Joshua D. Rauh, the initiative launched in 2025 with a conference exploring the economic consequences of US fiscal policy trends, including extensive discussions of budget projections, debt sustainability, international responses to debt crises, the effectiveness of government spending and tax policy, and the interaction between fiscal and monetary policies.

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The Fiscal Policy Initiative (FPI) conducts research on the most pressing areas of federal fiscal policy. Drawing on economic scholarship and policy expertise, the Initiative provides credible, actionable analysis to inform lawmakers and the public. Its work covers the following issues:

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Tax Policy: FPI examines how federal tax policy affects labor supply, investment, productivity, and long-term economic growth. Research includes the fiscal and economic effects of potential tax reforms, the structure and impact of international taxation, and potential behavioral responses of workers, businesses, and investors from tax policy changes.


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Entitlement Reform: FPI evaluates the long-term sustainability and economic effects of major federal entitlement programs, including Social Security, Medicare, and Medicaid, as well as low-income support programs such as the Supplemental Nutrition Assistance Program (SNAP) and Temporary Assistance for Needy Families (TANF). Research explores how best to adjust these programs to improve their incentives and long-run fiscal sustainability.


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Budget Process Reform: FPI studies the federal budget process and proposals to enhance transparency and enforce fiscal discipline. Areas of focus include reforms to Congressional budget procedures, improvements to budgetary scoring methodologies, and the design of effective fiscal rules.


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Federal Borrowing and Macroeconomic Risk: FPI analyzes the consequences of rising federal borrowing for interest rates, inflation, and private investment. Research also examines the risks that excessive debt poses to long-term economic growth and stability.

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