The Congressional Budget Office said Wednesday that it expects the U.S. economy to stagnate this year with the unemployment rate jumping to 5.1% — a bleak outlook that was paired with a 10-year projection that publicly held U.S. debt would nearly double to $46.4 trillion in 2033. The office’s updated 10-year Budget and Economic Outlook
It’s time again for Debt Ceiling Theater. Since 1940, Americans have caught this show about every eight months. The actors and dialogue change, but the characters and the plot never do. “Party out of power” shows that it’s tough on spending by refusing to raise the debt ceiling. “Party in power” trots out the poor,
Last year was nothing less than eventful in Washington. In 2022, policymakers enacted several significant policy changes in areas from green energy subsidies and prescription drug savings to new veterans benefits and funding the government for fiscal years 2022 and 2023, among other priorities. Meanwhile, inflation was at a 40-year high pace as economic growth
President Joe Biden’s top economic adviser expressed confidence Sunday that the White House’s $1.85 trillion domestic policy package will quickly pass the House this week and said approval couldn’t come at a more urgent time as prices of consumer goods spike. “Inflation is high right now. And it is affecting consumers in their pocketbook and
As sure as the sun will rise in the east, we will hear American politicians calling for the rich to pay “their fair share.” But it seems those who make that call go out of their way to avoid the evidence that sits right in front of them. Each year, the Congressional Budget Office publishes
Exhibiting no self-awareness, Bernie Sanders and Elizabeth Warren (worth $2.5 million and $12 million, respectively) yell the loudest about the rich having to “pay their fair share.” President Joe Biden has, predictably, joined this tin-eared chorus. Yet none of them will ever say what that fair share is. Each year, the Congressional Budget Office (CBO) asks Americans how much
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