Global Macro Views
Is the Bad News Worse than You Think?
Global Macro Views White Paper
March 2025
Authors & Contributors
The Congressional Budget Office (CBO) recently asserted that the US federal budget is currently on an unstable trajectory from now through 2035.
However, when we weigh the analysis, they offered in their “The Budget and Economic Outlook: 2025 to 2035” report released in January 2025 against macroeconomic trends from 1964 to 2024, we believe their projections may still be rosier than merited.
We dive deeper into those trends developing over the last 60 years, including how we fail to save for a rainy day, how economic growth doesn’t necessarily save us and how the CBO’s commitment to non-partisan analysis means it can’t factor potential policy action into its forecasts.
