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Balanced Budget Out of Reach
Posted: Apr 24, 2010
The financial crisis and deep recession have made the long-term fiscal outlook so much worse that many economic experts no longer believe it will be possible, politically or practically, to balance the federal budget. Instead, the best that can be hoped for is to stabilize soaring government debt relative to the size of the economy, these experts say. And even doing that could take a decade or more and require painful tax increases and spending cuts, they add.
The budget deficit totaled $1.4 trillion last year and it may be that high or higher this year. The fundamental problem, according to the Congressional Budget Office and the Office of Management and Budget, is that the federal tax burden has been consistently at 18 percent to 19 percent of the gross domestic product for the last half century, while spending — even when the economy is at full employment — is projected to be four or five percentage points higher than that in the future.
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