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The Congressional Budget Office yesterday\u00a0published its annual 10-year\u00a0economic outlook<\/a>. It says, essentially, the economy will continue expanding for the coming decade at the tepid pace of the last decade. It predicts a slow-growth “new normal” of 1.9% annual expansion\u00a0extending through 2027. If nothing changed, CBO might very well\u00a0be correct. Yet it’s possible, even likely, that economic\u00a0policy will change more in the next few years than any time since the early 1980s, maybe even since the 1930s.<\/p>\n CBO projects growth of 2.3% this year, then 2.0% in 2018, 1.7% in 2019, 1.5% in 2020, 1.8% in 2021, and 1.9% from 2022-2027. It’s a tragic outcome if it comes to pass. We see below what a 1.9% economy got\u00a0us over the last decade: a gigantic growth gap of around\u00a0$2.8 trillion in lost output<\/a>, compared to what we might have expected. continue reading . . .<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The Congressional Budget Office yesterday\u00a0published its annual 10-year\u00a0economic outlook. It says, essentially, the economy will continue expanding for the coming decade at the tepid pace of the last decade. It predicts a slow-growth “new normal” of 1.9% annual expansion\u00a0extending through 2027. If nothing changed, CBO might very well\u00a0be correct. Yet it’s possible, even likely, that economic\u00a0policy will change more in … <\/p>\n