You don’t need to get very far into the new Budget and Economic Outlook issued by the Congressional Budget Office (CBO) last week to discover that this report is a punch in the gut. The first sentence of the overview section bluntly states, ”annual deficits over the 2024-2033 period average $2.0 trillion.”
These are deficit numbers that might be associated with a temporary spike caused by a major economic downturn or a prolonged military conflict. But no such calamities are projected in the CBO baseline and the “spike” is not temporary. What used to be anomalous is now routine.
This alarming transformation did not happen by accident. It is the inevitable result of past legislative decisions to raise spending, cut taxes and live on borrowed money with reckless disregard for the consequences.
Click here to read my full Op-Ed in The Hill
Original Source: The Hill
