Plus, the Laffer Curve proved correct, and the death of digital currencies?
At this stage, what more can be said about the fiscal state of the US government? The Congressional Budget Office, also known as the CBO, published its updated 2024-2034 economic and budget outlook. The numbers were not pretty, to say the least. The report gazed into the future and determined that fiscal discipline will never be restored, no matter who is running the country. Let’s venture into the fiscal black hole and try to return from the abyss.
CBO Looks at Debt, Deficits
According to the CBO, the fiscal year 2025 budget deficit will be $1.9 trillion, up from the February estimate of $1.5 trillion. Despite all of the tax policy promises coming from the White House, the CBO projects the federal shortfall will spike to $2.8 trillion in the next decade….
