Spend ’til it Hurts
Every year, the Congressional Budget Office (CBO) adds to its short-term budget forecasts (10 years and 25 years) a long-term (75-year) outlook.The 2013 Long-term Budget Outlook was published earlier this week. The CBO, of course, admits that “the uncertainty of budget projections increases the farther the projections extend into the future.” Some would argue that …