When Did CBO Stop Being Wrong About the Economy: Robert Samuelson Edition

Robert Samuelson is looking at the latest projections for the budget and the economy from the Congressional Budget Office (CBO) and struggling with their implications for the defcit. He presents the three reasons that CBO gives for reducing the debt from the projected levels:

1) fear of financial crises;

2) crowding out of investment;

3) we may need to borrow more in the future to cover the costs of a war or natural disaster.

It's worth briefly addressing these concerns, but first we need to...