At least in the US, deficits are consistently underestimated by large amounts. That's the trend I'm projecting forward.

Now, it's possible governments just can't keep up with the coming AI productivity boom, but I doubt that's a next-four-years story.

Undisciplined

I don't know if they're low. We mustn't forget that these projections are relative to GDP, so we may even have an increase in debt, but if GDP also increases, we may have a lower relative debt. That's what happened here in Portugal.