Share
White House Admits Annual Budget Deficit Is Skyrocketing
The White House’s own budget projections see federal deficits surpassing $1 trillion in 2019 alone and beyond.
....the White House’s Office of Management and Budget (OMB) estimated that new legislation enacted since the release of its February budget — alongside new projections on other spending and receipts — would add $101 billion more to the 2019 deficit, pushing it above $1 trillion.
Budget watchdogs said that deficits had doubled in recent years as a result of bipartisan spending agreements and the GOP tax-cut law passed in December.
But we thought the GOP care greatly about the National Debt, right? They stopped President Obama from pursuing many excellent initiatives such as the Jobs Act and infrastructure programs that would have greatly benefited us. They said we couldn't afford to spend that money. They said the National Debt was so important!!
White House OMB now projects the deficit will rocket to $890,000,000,000 this year and top $1,000,000,000,000 through 2021.
The deficit under Trump will jump by $420,000,000,000 a year from 2017-2019 according to the White House's new OMB projections. To put that in perspective, that delta is roughly equal to double the spending in the Affordable Care Act. It's a 63% increase in yearly red ink.
The National Debt will hit $25,000,000,000,000 in 2021 - four full years after Trump took office - under his OMB's own estimates.
Rule of thumb: $1,000,000,000,000 is about $3,000 more borrowed for every person in the United States. Every year.
These projections are about conscious choices, not a sudden turn in the economy like 2008. Trump signed laws passed by Congress lowering tax rates and increasing spending. The rest is math.
Don't think there's ever been a non-recession year when the deficit jumped by $225 billion - but that's what's happening this year.
“This is a striking acknowledgement following almost two years of claims that economic growth unleashed by these policies will wipe deficits away,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget.
Sources:
https://twitter.com/StevenTDennis/status/1019546467181236224