The president's fiscal 2027 budget is out, and I have two reactions. The first will sound familiar: Like so many budgets before it, this is not a serious effort to put America's government on a sustainable path. The second is more important: It would be a mistake to dismiss it as just another unserious document. That is exactly how we got here.
Start with what the new budget does and does not do. It's not a comprehensive fiscal plan. It covers only about one-third of federal spending, focusing heavily on discretionary choices and largely ignoring the autopilot spending that drives our long-term debt.
