CBO today released its report – Budget and Economic Outlook for 2019 to 2029 and a visual summary A Visual Summary of The Budget and Economic Outlook: 2019 to 2029.
As expected, it’s not good in the short, medium, and long-term. And, it is getting worse!
It’s easy to get lost in the numbers and amount of data presented. If you don’t have the time to read the report or have the expertise to understand the theories, sources and calculations you can view the quick analysis prepared by the Committee for a Responsible Federal Budget. CRFB does well-thought through, timely analyses: CBO Budget Projections Show Bleak Outlook.
Note: CRFB, like most Washington based organizations and many in the main stream media, when reporting ratios of national debt uses “Debt Held by The Public” which is substantially lower than “Total Public Debt Outstanding” – the total amount of money owed by the US. Apparently, these groups don’t consider the money Elected Politicians borrowed from your Social Security Trust Fund or many Federal Pensions to be a real debt! They would report it and include it to let Americans know just how bad the situation really is, if they did.