Budget Office Finds US Economy Won’t Return To Normal Until 2030
There goes the V-shaped recovery. In its first official forecast incorporating the impact from the coronavirus shutdowns, today the Congressional Budget Office said that over the 2020–2030 period, cumulative GDP will be $15.7 trillion, or 5.3%, less in nominal dollars than what the agency projected in January. Putting that number in context, the nominal GDP…
By The Numbers: Trump’s New Budget Cuts EPA By 26%, Foreign Aid By 21%
February 09, 2020 4:58 PM ET President Donald Trump’s proposed budget for fiscal year 2021 includes sweeping cuts to the Environmental Protection Agency, Department of Commerce, and foreign aid, the White House announced Sunday. White House officials confirmed to reporters that the budget will total $4.8 trillion, and assuming the economy grows at 3% each…
WILFORD: The World Is A Better Place In 2020 Thanks To Conservative Economic Policies
January 03, 2020 5:00 PM ET The world continues to get better, but people consistently believe that it’s getting worse. Nearly 90 percent of respondents in a 2016 poll thought that global poverty had increased or stayed the same in recent decades, while just 1 percent correctly answered that global poverty had fallen more than…
WILFORD: There’s Nothing Wrong With Amazon’s ‘Zero-Tax’ Bill
November 21, 2019 5:00 PM ET Yet again, Amazon is back in the news for its tax bill. Presidential candidate Sen. Bernie Sanders this week amplified the claim about Amazon’s tax bill, despite no new tax data actually emerging. The implication is that Amazon is using swampy connections and special carve-outs to get away with…
WILFORD: No, The Rich Don’t Pay Fewer Taxes Than The Rest Of Us
October 09, 2019 5:30 PM ET A common refrain on the left is that lower- and middle-class Americans shoulder the majority of the tax burden in this country, while the ultra-rich skate by paying far less than their “fair share.” Economists Emmanuel Saez and Gabriel Zucman have even dropped a new book, “The Triumph of…
US Budget Deficit Hits $1 Trillion With One More Month Left In The Fiscal...
The fiscal year that started on Oct 1, 2018, is now in its final month, and yet according to the US Treasury, in the first 11 months of the fiscal year, the US Treasury has already accumulated a more than $1 trillion budget deficit. According to the latest budget data, In August, receipts rose 4%…
Federal Deficit to Reach $1 Trillion By Next Year, Budget Office Predicts
Trump downplaying worries US might be entering a recession The federal budget deficit will reach $1 trillion by next year, according to forecasts from the Congressional Budget Office.The Congressional Budget Office revealed the deficit will hit $960 billion for the 2019 fiscal year and $1 trillion for the 2020 fiscal year, according to the New…
