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Deficit-to-GDP Ratio Near World War II Levels, CBO Finds

Deficit-to-GDP Ratio Near World War II Levels, CBO Finds
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John Phelan
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Commentary
On Jan. 17, the Congressional Budget Office (CBO) released its latest Budget and Economic Outlook and Update. It attracted little attention in a media environment flooded with stories about then-incoming President Trump, but it should have been one of the big stories of the year. The CBO takes stock of the incoming administration’s fiscal inheritance, and it is a grim one.
John Phelan
John Phelan
Author
John Phelan is an economist at Center of the American Experiment. He is a graduate of the London School of Economics, and worked for ten years at Capital Economics in London. He has been widely published on economic topics in popular media and in the journal Economic Affairs. He is also a contributor to the American Institute for Economic Research (AIER).