All the talk in Washington about lower deficits was laid to rest on Friday by the Congressional Budget Office. Their ominous warning of America's future included massive entitlement spending that will send the deficit into the stratosphere.
Federal entitlement spending will rise at an average annual rate of 5.9 percent through 2024. This in turn will increase federal spending annually from 2.1 trillion in 2014 to $3.7 trillion in 2024.
The CBO predicts a federal budget deficit rise of over 4 percent of GDP by decade’s end with the cumulative deficit reaching $7.9 trillion.
That’s $1 trillion higher than previously projected.
The future deficits are projected to rise even more sharply in the years beyond the 2020’s. Aging population and healthcare inflation are the main culprits.
Insider Report wrote last week that CBO projections don't include data on total state debt, has already topped $5 trillion.
Will the news become a campaign topic for the mid-term elections?
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