Now that the turmoil over the federal budget has quieted down somewhat, it’s a good time to examine how spending and revenue have changed since the 1970s and are expected to change in the next 10 years.
Inflation, unemployment, recession, economic growth—these economic concepts affect people in very real ways. In two thought-provoking, interactive lessons, learn about fiscal policy, the avenue by which Congress and the president attempt to influence the economy. Graphs compliments of FRED.
Each year, the Congressional Budget Office (CBO) publishes its Budget and Economic Outlook. The CBO's deficit projections for the current fiscal year (FY) and the next 10 FYs are widely followed because they provide an assessment of the medium-term budget outlook based on current law and a presumed path for the economy over the next decade.