John Cochrane plays around with some of the CBO projections and comes up with this graph which represents the long-term outlook based on their numbers. Sort of OK for the next say seven or eight years and then things get really ugly. Cochrane properly asks, “So what can adjust?”, as the scenario represented by the [...]
Since Rep. Paul Ryan is going to deliver the Republican response to President Obama’s State of the Union speech, Derek Thompson put up a nice post contrasting the differences between the visions of the two men. It’s a nice balanced analysis which is worth your time. The last paragraph, however, is a poignant example of [...]
Greg Mankiw posted the latest CBO projections for federal outlays and revenues. Here it is. Now here is a chart from Keith Hennessey that gives a good picture of historical spending and taxes: Notice that the CBO report projects an increase in revenues well above historical norms. Do the increases come from tax increases or [...]
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