As you know, I am the sole proprietor of the most comprehensive and mandatory website on government spending in the United States. Even though Google Search downrated my site back in 2019. We are talking about usgovernmentspending.com.
The scientists and experts and economists at the Office of Management and Budget make some fearless forecasts about future federal spending -- and federal debt and GDP -- for the next five years when they issue the federal budget every year and hand it off to their pals at govinfo.gov.
A while back I wondered how well the scientists and experts and economists at the OMB were doing with their inflation forecasts. Yes, right there in the budget is “Table 10.1 -- Gross Domestic Product and Deflators Used in the Historical Tables” which, in every budget, includes a fearless inflation forecast going out five years. So I put a new chart on my US National Inflation Analysis page. It shows the inflation forecasts in the FY21, FY22, FY23, and FY24 budgets. Here it is.
Of course, you need to be a scientist or an expert or an economist to read the chart. So I will tell you what it says. It says that the folks at the OMB had no idea there would be inflation in our all-American future until the FY23........