I’m thrilled that my colleague Phillip Swagel is set to be the next director of the Congressional Budget Office. Swagel is an excellent economist who will command the respect of CBO’s first-rate staff and whose analysis as CBO director will carry enormous authority.
President Trump’s quest for ultra-easy monetary policy might cause the US economy to overheat and leave the Fed with little ammunition in its arsenal to fight the next economic recession.
While there is emerging consensus that the 2017 tax reform strengthened the US economy, the country’s fiscal outlook remains dismal.
Is the 2017 tax reform paying for itself? A great way to answer this question is by comparing expected growth in gross domestic product with growth in publicly held federal debt, before and after the tax cut.
On January 28, the Congressional Budget Office (CBO) released its annual update to its economic and budgetary projections. AEI budget expert James Capretta discusses the CBO update in a new article noting that the projections diverge greatly from the Trump Administration’s economic forecast. Further, entitlements like Medicaid, Medicare, and Social Security continue to balloon the deficit.
A new Congressional Budget Office report estimates the ten year cost of nuclear modernization at $494 billion — a $94 billion increase since 2017.
As the federal government closed its books on fiscal year 2018 at the end of September, interest rates were rising to levels not seen in a decade, signaling the possibility of further deterioration in the budget outlook for 2019 and beyond.
Forecasts from the Office of Management and Budget (OMB) and the Congressional Budget Office (CBO) show that America’s financial state is in desperate need of repair.
Despite the rhetoric, both parties in Congress are pushing ideas that would widen projected budget deficits, not narrow them.
While the CBO’s ne forecast looks in many ways quite similar to previous projections, the agency has revised its views on one very important aspect of its forecast— the individual mandate.