QQEW - Winter (Rate Cuts) Is Coming
2024-07-24 10:46:00 ET
Summary
- The 2024 deficit estimate has increased by $400 billion, a 27% rise from their estimate five months ago.
- For the next decade, the deficit is expected to be double that half-century average.
- The CBO forecasts no recession for the next decade, yet the U.S. has never gone 14 years without entering a recession.
CBO's Updated Projections
Last month, the Congressional Budget Office ((CBO)) updated their Budget and Economic Outlook for 2024-2034, revealing some startling projections. The 2024 deficit estimate has increased by $400 billion, a 27% rise from their estimate five months ago. The deficit for 2024 is expected to be $2.0 trillion, which is 7% of our Gross Domestic Product ((GDP)). This is projected to be 6.5% of GDP in 2025, and then fall to 5.5% by 2027, only to rise again to 6.9% by 2034....
Winter (Rate Cuts) Is Coming