America’s finances are about to get much worse
Amid so many crises around the world, it’s easy to forget the scale of America’s debt problem. But a new report from the Congressional Budget Office puts the stakes in sharp relief: Even under the best circumstances, America’s finances are on track to get much worse. The CBO’s Budget and Economic Outlook provides forecasts for spending and revenue over the next decade, and the latest findings are dramatic. This fiscal year the government is projected to suffer a $1.9 trillion budget deficit, which translates to 5.8 percent of gross domestic product. In ten years, the gap will ...