“In a federal budget filled with mind-boggling statistics, two numbers stand out as particularly stunning, for the way they may change American politics and American power. The first is the projected deficit in the coming year, nearly 11 percent of the country’s entire economic output…. But the second number, buried deeper in the budget’s projections, is the one that really commands attention: By President Obama’s own optimistic projections, American deficits will not return to what are widely considered sustainable levels over the next 10 years.” (New York Times, Tuesday)
That’s the rosy scenario.
FEE Timely Classic
“A Closer Look at the Debt and Deficit” by Robert Higgs
