Sea Change

Published on February 12, 2024 by Premium

The CBO's latest budget forecast show a persistently large fiscal deficit that likely still understates the trajectory of public finances. CBO projections are based on current law and show a fiscal deficit that will remain around 5% of GDP for the foreseeable future. This structural change is largely driven by rising retirement related spending and interest expense, both of which are politically very difficult to change. Using the CBO projections as a baseline, future deficits […]

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