Congressional Budget Office Projects Record Deficits over the Next Decade

Federal deficits are projected to skyrocket over the next decade, resulting in a national debt that could be 107% of U.S. GDP, according to a recent Congressional Budget Office report.

The United States’ debt reached 100% of GDP during the past fiscal year largely due to the federal response to the coronavirus pandemic and the $2.2 trillion CARES Act passed in March 2020. While the CBO’s February report projects unprecedented deficits, they are smaller than the office’s projections from last summer due to the country’s promising economic outlook.

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CBO Says Budget Deficit Will Hit $2.3 Trillion in 2021

The U.S. budget deficit will be larger than expected because of the $900 billion stimulus bill passed in December, a whopping  $448 billion larger than was projected in September, the Congressional Budget Office said Thursday.

According to Breitbart, the CBO forecasts that the federal government will borrow $2.26 trillion this year making it the second-largest deficit since World War II. Last year’s $3.1 trillion was the biggest in absolute numbers and also the largest as a share of gross domestic product.

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CBO: $15 Minimum Wage Would Lead to 1.4 Million Lost Jobs, Impacting Young, Less Educated the Most

Unemployment line

A $15 minimum wage would result in 1.4 million jobs lost and disproportionately hurt younger workers and those with less education, a new Congressional Budget Office report says.

President Joe Biden, U.S. Sen. Bernie Sanders and other Democrats have proposed raising the federal minimum wage to $15 an hour by 2025, more than double the current federal minimum of $7.25 an hour.

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Budget Deficit Spiked in January, CBO Report Finds

The federal budget deficit grew a whopping 400% in one year as the pandemic caused spending to skyrocket, the Congressional Budget Office said in a report Tuesday.

The estimated January federal budget deficit was $165 billion, $132 billion more than the deficit in January 2020, according to a Congressional Budget Office (CBO) report released Tuesday. The federal budget in the first four months of fiscal year 2021, which started in October, was $738 billion, an 89% jump compared to the same period last year.

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Nine Years After Obamacare Passed, Agency Finds Numbers Were Wildly Off

by Jarrett Stepman   Democrats defeated Republicans in the Obamacare repeal fight by warning that 22 million Americans would be thrown off their health insurance. They pointed to data leaked from the Congressional Budget Office. Well, it turns out that data was completely wrong. According to a report by the…

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Three Common Ways Governments Misuse Statistics and What You Can Do About It

US Capitol at night

by Andrew Berryhill   Government agencies and researchers produce endless reams of statistics. While statistics can be valuable, they can be easily misrepresented. A 2017 study on the use of statistics in news characterized the problem as such: “The constant supply of data produced by think tanks, government agencies, independent researchers, academics and…

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