We’re going to summarize the biggest takeaway from the CBO’s latest update to its budget projections with a single chart:
Note that the trend for revenues flattens out after 2016, when most of the tax hikes that are mandated as part of the Patient Protection and Affordable Care Act (a.k.a. “Obamacare”) are fully implemented.
And yet, after 2016, the gap between the U.S. federal government’s tax collections, which now include the profits it collects through its Federal Direct Student Loan program, and its spending only ever grows larger.
P.S. We’ll soon be updating the MyGovCost calculator with all the latest projections!
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