Annual US Deficit projected to pass $1.5 trillion on 2028

One of two nonpartisan organizations that have been ringing alarm bells about US debt and deficits is The Concord Coalition (TCC). The other is the Committee for a Responsible Federal Budget. We should be listening to these folks and urging politicians to do the same.

In a press release, Bob Bixby of the TCC notes the Congressional Budget Office (CBO) projects the US deficit will pass $1 trillion this fiscal year ending 9/30/2020. In eight years, the CBO projects the deficit to pass $1.5 trillion. My guess is it will be sooner, given politicians being too infatuated with adding expenses and cutting taxes.

It should be noted we are now passed $23 trillion in US debt. Sans change we look to soar passed $35 trillion by the end of the decade. This means our annual interest cost will be a much larger chunk of our budgeted annual revenue which is around $3.65 trillion.

Two key points need to be made. With our pretty good economy going on 128 consecutive months of economic growth, we should be decreasing our deficit, not increasing it. Sadly, we were sold a tax break that helped a pretty good economy get a little better for a little while, but will add over $1.5 trillion to the debt.

The other key point needs to be said loudly. Our debt cannot be solved by only expense cuts or tax increases. The math will not work. It will need both. Do not let politicians tell you otherwise. It matters not how fervent or well they speak, the math will not work. We need politicians with thick skins and lots of courage.

9 thoughts on “Annual US Deficit projected to pass $1.5 trillion on 2028

  1. Note to Readers: Reading about the US debt and deficit woes must be less newsworthy these days. Non-US citizens are likely bemused by our inability to address ticking time bombs and US citizens worry about other in-your-face problems and see this as a future problem. Some more president and Congress will have to clean this mess up and they will get removed from office after they do, but they will be the good stewards.

  2. And still, money is being spent on a wall that is useless, on weekly golf outings, on travel for all the Trumps, and the list goes on. Stewardship? This bunch doesn’t know what the word means. Deficit spending only works for so long … sooner or later it all comes crashing down.

      • True, and … because fixing it will be painful to many, he or she will be blamed and demonized. People will say, “Things were better under Trump … taxes were lower … ” etc.

      • Jill, as things continue to turn softer this year on the economy and more of the headwinds show up next year, Trump will be sitting at Fox taking pot shots. I hope he will be sitting there, rather than in the White House cementing his kingdom. Keith

      • For the sakes of the families of those who died there or came back broken in body or mind, never let out the secret; operationally it was a retreat. They must dread that unanswered question. They do not deserve the pain of an analytical reply.

      • Roger, using the words of the soldiers fighting in Iraq, Afghanistan and Syria, it was all a “clusterf–k.” As the Cheshire Cat famously told Alice, if you don’t know where you want to go, it does not matter which way you go. Keith

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