America’s Exploding Budget Deficit by Martin Feldstein - Project Syndicate

America’s Exploding Budget Deficit by Martin Feldstein - Project Syndicate: The federal government’s debt has risen from less than 40% of GDP a decade ago to 78% now, and the Congressional Budget Office predicts that the ratio will rise to 96% in 2028. While many blame the tax cuts enacted last year, the real reason lies elsewhere.