by Martin Feldstein via Project Syndicate
The federal government’s debt has risen from less than 40% of GDP a decade ago to 78% now, and the Congressional Budget Office predicts that the ratio will rise to 96% in 2028. While many blame the tax cuts enacted last year, the real reason lies elsewhere.
Dennis Jansen & Andrew Rettenmaier, E21
In January 2017, the 115th Congress of the United States convened for its 2-year term as we inaugurated our 45th President. That same month, the Congressional Budget Office (CBO) released its analysis of the fiscal situation facing the United States over the coming ten years, “The Budget and Economic Outlook: 2017 to 2027.” The report describes the situation that Congress and the President inherited from their predecessors. This inheritance was a projected path of increasing deficits and growing government debt relative to national income as measured by Gross Domestic Product (GDP). Read more here....
Miilton Friedman and Wilbur J. Cohen | American Enterprise Institute