US officials blame the elderly for the blunders of politicians.
Washington might be finding a new scapegoat to explain why the federal budget deficit is ballooning. The beauty of macroeconomics is that you can manipulate every data point to craft a narrative. Economist Paul Krugman recently employed this tactic to convince the public that the inflation threat is over. A chorus of policymakers are now emulating the method to tell the American people that it is not politicians’ affinity for spending like drunken sailors causing the US deficit but rather senior citizens.
Budget Deficit Excuses
The US government kicked off the fiscal year 2024 by running a higher-than-expected budget deficit of $67 billion. It was a sign of things to come as many economists anticipate more of the same over the next 12 months, primarily as the Treasury floods the financial markets with trillions in…
