The Congressional Budget Office (CBO) has released their projections for the next 10 years and you can tell they were written by economists. There is plenty of good news and bad news in the report, and the details become very hard to read. Deficits will go down, and the economy will grow – but interest on the debt already incurred is going to turn into a very large and crippling bill.
To make these projections, they start with current policy and trends and simply extrapolate forward. None of it is written in stone, and some of it is clearly a warning to create new policies. Let’s run down what we have in front of us and what has to be done.
Barataria - The work of Erik Hare 