USA: America’s Looming Fiscal Crisis
According to the CBO, large chronic budget deficits will push the national debt up to 156 percent of GDP by 2055, a level once associated with banana republics. In this Vantage Point, we offer an overview of the long-term budget outlook and the dangers it poses. We also explain why, as daunting as they are, CBO’s projections may greatly understate the magnitude of America’s looming fiscal crisis. The Congressional Budget Office’s (CBO) latest Long-Term Budget Outlook, released…
Read more
