It is, though, something that’s been well-known for several years; it’s been baked into our economy by the prior spending and taxing paradigms of this administration from its passage of Obamacare forward.
A slowdown in the growth of federal revenues, as well as rising government spending, pushed the US deficit up in the 2016 fiscal year for the first time since 2011, reversing the trend of falling deficits as the economy recovered in recent years.
The budget shortfall widened to $587 billion in the fiscal year that ended Sept 30, the Treasury Department said Friday, up 34% from the previous fiscal year.
And the deficit is going to continue to rise in the coming years unless government spending is sharply curtailed. The sequester has been good for generating those smaller deficits, but it’s badly damaged our national defense capability—which was the point of the extortion President Barack Obama (D) attempted when he offered the sequester in conjunction with his fellow Democrats’ refusal to agree to a responsible budget.
[A] growing number of Medicare, Medicaid, and Social Security recipients, as well as slightly higher interest rates on publicly held debt, helped drive up total spending by 5% in 2016, while total revenues grew by just 1%.
This puts a premium on reforming Social Security, Medicare, and Medicaid, and on getting our debt under control. Which demands getting rid of our deficits, not growing them. Which demands reducing government spending, not growing it.
But that’s going to take a change in administrations and the preservation of the Senate and the House.