Thinking About Long-Term Debt

Much of the sound and fury about U.S. budget deficits involves what should happen in the next year or so. Of course, short-run decisions about red ink do matter, and have a way of bleeding over into long-term decisions. But this focus on the short-term also risks missing the longer-term context of how U.S. government deficits and debt have changed since the Great Recession started in 2007, and where they are headed in the next couple of decades. For this purpose, my go-to starting point is "The 2014 Long-Term Budget Outlook" published  this month by the Congressional Budget Office.

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