In the final months of the Clinton administration, fiscal experts forecast that federal budget surpluses were on track to reach unprecedented heights. In 2001, the Congressional Budget Office (CBO) expected federal surpluses to grow from nearly $300 billion in 2002 to more than $700 billion in 2011, for a ten-year total of $5 trillion. Just two and a half years later, the federal budget is poised to run its biggest deficit since the end of World War II.
Tags: tax
Turning Gold into Straw: How Huge Federal Surpluses Quickly became Equally Massive Deficits
In the final months of the Clinton administration, fiscal experts forecast that federal budget surpluses were on track to reach unprecedented heights. In 2001, the Congressional Budget Office (CBO) expected federal surpluses to grow from nearly $300 billion in 2002 to more than $700 billion in 2011, for a ten-year total of $5 trillion. Just two and a half years later, the federal budget is poised to run its biggest deficit since the end of World War II.
Tags: tax