Last year’s aggressive tax cuts are at the heart of a worsening budget situation that will see deficits surge in the years ahead, according to an op-ed by former Fed Chair Janet Yellen and others.
The essay, published in Sunday’s Washington Post, rebuts a study from Stanford University’s Hoover Institution that blamed entitlement spending for the nation’s worsening financial picture. Economists expect the shortfall to surpass $1 trillion in 2019 and worsen.
