I write often about the state of Ohio’s economy, I study the monthly OBM and LSC reports and analyze the state’s income and expenditures for my own research on a regular basis. But I don’t often write to you about the national economy. The Congressional Budget Office reported on Wednesday that the federal deficit jumped 20% in the first 10 months of FY18 and projects that the deficit will reach $793 billion by the end of the year. The White House estimates that the deficit will surpass $1 trillion next year. Putting aside any partisan bickering about why spending outpaced revenues by more than $116 billion over the same period last year, what does this mean for America’s future?
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