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Supposedly, the White House is about to promise a balanced budget by 2034. I’ve been down that road many times in my 45 years of monitoring federal budgets, and it never happens. Making this promise even more ridiculous is that it is based on a projected GDP growth of 3% for the next 15 years.
Want a reliable indicator of where the economy is headed? Look no further than the chart below.
Congress needed to raise the debt ceiling by March 2 but failed to do so. Now, the Treasury cannot sell bonds to pay government bills, such as payments to bond holders and federal benefit recipients.
Currently there is much speculation about whether the Fed will continue quantitative tightening or return to quantitative easing. In 2018, newly appointed Fed Chair Jay Powell indicated that 2019 would see four rate hikes. However, he has since backed off on that forecast.
