re: Deficits are up. How is this conservatism?

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Ooooh looky here. A single variable model for the entire economy. and you’re complaining about inflation being left out?

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you got another explanation when tax revenues otherwise always grow with the economy?

oh, and we're not modeling "the entire economy" here. the variable being discussed is tax revenues. there aren't many variables that drive that. you pretty much have: tax rate and taxable base. the taxable base grows in real terms, yet tax revenues don't even grow in nominal terms. oh, what a conundrum