I’ve seen a lot of reports from the Congressional Budget Office and most recently their 10-year projection for our government’s annual budgets.
What does the CBO project?
In January of 2019, the Congressional Budget Office forecasted annual budget deficits for the U.S. government of at least $1 trillion for eight consecutive years beginning in fiscal year 2022.
However, the government has only had annual budget deficit over $1 trillion during just four fiscal years in history.
Looking back at the CBO’s past projections, in January of 2008, the Congressional Budget Office forecasted budget surpluses totaling $830 billion for the U.S. government for the seven fiscal years beginning in 2012 through 2018. The government suffered budget deficits during each of those seven years, of a total of $4.7 trillion dollars as deficits, not surpluses.
It’s obviously difficult to project government spending, but you ask yourself, how could they project such a large surplus and, the government have such large deficits.
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