The Congressional Budget Office (CBO) recently released its latest annual review of the state of the federal budget. This report does not make merry. Despite small improvements in the budget picture, the budget deficit will continue to grow, and by fiscal year 2022 the deficit is projected again to exceed $1 trillion. The first four instances of trillion-dollar deficits had the excuse of coming in the wake of the 2008 financial crisis, which was the worst economic calamity since the Great Depression. This fifth digit-buster inexcusably comes in an economy that almost every scholar would acknowledge is exemplary, and therefore should give us a budget at least near balance, to build a fiscal cushion for harder times.
Read Full Article »
