U.S. Budget Woes
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Date
2024-09-10, 9/10/2024
Authors
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Publisher
Private Enterprise Research Center, Texas A&M University
Abstract
The Congressional Budget Office’s latest economic and budget projections from “An Update to the Budget and Economic Outlook: 2024 to 2034” are worrisome, to say the least. The CBO projects large and persistent federal government deficits through 2034, and with no end in sight. In the Fall 2024 issue of PERCspectives on Policy, Dennis Jansen and Somali Ghosh Sinha take a historical look at the debt held by the public as a percent of GDP from pre-World War II onwards, analyze how increased government spending during the Covid-19 pandemic differed from war-era deficits, and discuss the causes behind ever-increasing government outlays.
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Keywords
Federal Liability, National Debt, GDP, Congressional Budget Office, EconomicStudies_Analysis