Tax Reform Or Not, The Budget Is Already Busted

November 10, 2017 BY Doug Ramsey

In 2010 and 2011, we were sometimes chastised for not paying more attention to exploding federal  deficits, which at the time were running between 8% to 10% of GDP. We argued that a substantial share of these budget shortfalls was cyclical in nature, and would eventually be reversed by an improving economy.

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