America’s finances are in trouble. Despite relatively optimistic predictions by the Congressional Budget Office (CBO), the current deficit of $1.4 trillion is only going to get worse.
In July, CBO projected that the federal government budget deficit would be 3.7 percent of GDP in 2023, down from recent record highs of 12.4 percent of GDP in 2021. While still above the pre-pandemic average (since 2000) of 3.5 percent, this would be the lowest percentage sinc...