deficit

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 …

In the 15th century, the highest standard of living in the world belonged to China. Places like Nanjing had reached the pinnacle of civilization with incredibly modern infrastructure, robust economies, substantial international trade, great health care, and a rising middle class. Across the globe, Europeans were living out short, mud-filled, brutish lives in squalid poverty, …