Congressional Budget Office forecasts of government deficits and debt are supposed to be authoritative. But Congress forces the CBO to make unrealistic assumptions when issuing those estimates. The latest assumptions include that the alternative minimum tax will not be adjusted annually for inflation and that discretionary spending unrelated to war will increase no faster than inflation. Brian M. Riedl of the Heritage Foundation has stripped out these and other assumptions to come up with a more realistic look at the government’s spending and debt. Based on realistic assumptions... [more...]
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