Don’t Forget How Much We Owe January 22, 2016Posted by geoff in News.
Amidst all the Trumposity in the news, it’s important to remember where we are in terms of debt. While we’re all distracted by the election year antics, the debt inexorably climbs, and is projected to continue accumulating for the foreseeable future:
The scary part is that the CBO never predicts a recession, and it always underestimates federal spending growth. So this is the Pollyanna scenario.
Worse, this is based on continued reductions in discretionary spending (i.e., defense spending), which actually need to be reversed.
Nothing has changed since we were panicked about deficits and the debt a few years ago, other than the deficits becoming less negative. We just keep feeding that debt.