Wed 15 May 2013
If you read Paul Krugman, and you really should read Paul Krugman, this will come as exactly no news at all to you. But it’s a good thing Republicans have found some fake scandals to spike their poutrage, becuase the thing they’ve been screaming about for the last three years is going away:
according to the Congressional Budget Office, the debt disaster that has obsessed the political class for the last three years is pretty much solved, at least for the next 10 years or so.
The last time the CBO estimated our future deficits was February– just four short months ago. Back then, the CBO thought deficits were falling and health-care costs were slowing. Today, the CBO thinks deficits are falling even faster and health-care costs are slowing by even more.
Here’s the short version: Washington’s most powerful budget nerds have cut their prediction for 2013 deficits by more than $200 billion. They’ve cut their projections for our deficits over the next decade by more than $600 billion. Add it all up and our 10-year deficits are looking downright manageable. Following are the highlights.
Charts and graphs at the link, but you get the picture. Jees, these people.