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Riches to Rags: The Causes of Fiscal Deterioration Since 2001

Since 2001, the country has turned a modest surplus into a $1.7 trillion deficit, while the national debt has tripled as a share of the economy. On Wednesday, January 31, Committee for a Responsible Federal Budget senior vice president and senior policy director Marc Goldwein hosted a virtual event on what caused this fiscal deterioration, based on our recent analysis, "From Riches to Rags: Causes of Fiscal Deterioration Since 2001" (available here: https://www.crfb.org/papers/riches-ra.... The event featured a presentation by Marc on the tax and spending changes that have driven the growth in our deficits and debt. Marc took audience questions in a Q&A session at the end.