The Congressional Budget Office (CBO) recently released its 10-year budget and economic projections, and the outlook appears dismal.
After years of warnings about the growing unsustainability of our debt, the CBO now projects that we are hitting a tipping point. Even using the most conservative measurement — $27 trillion— our debt will exceed the size of our entire economic output (GDP) next year, and will grow to over 170 percent of GDP in three decades. CBO also projects ...