Source: EconLog
by Pierre Lemieux
“Since 1961, the OMB’s historical budget tables … show a surplus in only five years: 1969, and 1998 to 2001. The problem is obviously not a function of which political party is in power. Chronic deficits explain why the federal debt held by the public is predicted to reach $30 trillion at the end of (calendar year) 2025, more than twice the $14.2 trillion at the end of President Barack Obama’s second term …. The public debt is a time bomb that will have to be defused or will explode at some point. If large increases in taxes or default on the public debt are to be avoided, a fundamental reassessment of the federal government’s functions and scope will be needed.” (09/10/24)