The US federal government will rack up $12.2 trillion in deficits through 2029, according to a new projection from the non-partisan Congressional Budget Office (CBO), an $809 billion increase from its last projection in May.
CBO, Congress’s official budgeting scorekeeper, said that the deficits would average 4.7 percent of GDP through the next decade, a significant increase from the 2.9 percent average over the past 50 years. This huge debt has to be serviced, which means that you have to cut other expenditures to service it. We have had a long run with full employment, thanks to Obama. Usually, when the economy is healthy, the debt comes down; it needs to so that there is borrowing capacity to tide the country over the next (inevitable) slowdown. Only under a Republican regime does the debt nowadays go up.
In the old days it was the Democrats who spent, spent, spent. Now it is the Republicans, formerly “fiscally responsible”, who are blithely trying to get Trump re- elected – at any price.. Of course, it will be the poorer people in the boondocks, who vote Republican, whose services will be cut.