The Post tells us that the Congressional Budget Office (CBO) still thinks that a recession is unlikely. Should CBO's optimism reassure readers?
Well, in January of 2001, just before the beginning of the last recession, CBO projected 2.4 percent year over year growth for 2001. In its August update, issued 6 months into the recession and 8 months into the year, CBO forecasted 1.7 percent growth. Actual growth for the year was 0.8 percent.
The American Prospect is nonprofit, reader-funded journalism—and we need your help.
Our reporters dig deep, hold power to account, and explain how policy shapes people’s lives. If you value independent journalism that goes beyond the headlines, now’s the time to support it.
Here’s how you can help: • Donate to power fearless reporting
• Subscribe to get our print magazine 6x/year.