It's gonna be the best fiscal year ever...
Under the plausible fiscal-policy scenarios detailed in CBO's latest "Budget and Economic Outlook," which was released earlier this month, the budget deficits for 2017 and 2018 could exceed $1 trillion each year.
Trillion-dollar deficits would be arriving just as the cash-flow surpluses from Social Security turn into cash-flow deficits, a development that would require the federal government to use general revenues to meet Social Security benefit payments.
If the projections hold true, these deficits would become the primary force that would add $10 trillion to the national debt, more than doubling it by 2018.
"Unfortunately, that's the good news," Mr. Orszag said, "because thereafter we start to experience the longer-term budget pressures that are at the heart of the long-term fiscal problems the nation faces."
1 comment:
Well, he says it's good news, so what's the problem?
Orszag? Sounds like a forner.
Post a Comment