US Debt Check: Stormy Skies
THE LATEST DATA ON GOVERNMENT’S SPENDING ADDICTION
The Congressional Budget Office (CBO) released its latest debt numbers this week, projecting that the federal government will spend “only” $492 billion in money it doesn’t have in 2014.
How comforting, right? The previous 2014 deficit estimate was $514 billion – while the actual deficit for 2013 clocked in at $680 billion.
Those numbers are jaw-dropping, to be sure, but they pale in comparison to the debt racked up by government in 2012 ($1.1 trillion), 2011 ($1.3 trillion), 2010 ($1.3 trillion) and 2009 ($1.4 trillion).
“This will be the fifth consecutive year in which the deficit has declined as a share of GDP since peaking at 9.8 percent in 2009,” the CBO report stated.
Ok … and that’s supposed to be good news?
The bottom line is our federal government continues to leverage the prosperity of future generations by spending hundreds of billions of dollars it doesn’t have – and we’re supposed to be encouraged because the pace of the generational rape has slowed?
First, the numbers …
(Click to enlarge)
(Chart via CBO)
And now the bad news …
According to the CBO, these “small” deficits won’t last long.
“Between 2015 and 2024, annual budget shortfalls are projected to rise substantially—from a low of $469 billion in 2015 to about $1 trillion from 2022 through 2024 — mainly because of the aging population, rising health care costs, an expansion of federal subsidies for health insurance, and growing interest payments on federal debt,” the report stated.
We know Democrats in Washington, D.C. won’t do anything to address this issue, but will “Republicans?”
Um, no … but thanks for asking.
There is precisely zero common sense leadership on fiscal issues in our nation’s capital and these numbers (likely lowballed) prove that – both in their retrospective and forward-looking projections.