Trillion-dollar deficits are coming back faster than originally projected. Though it’s fair to complain about the impact of the recently enacted tax cuts on our red ink, the ultimate culprits for our upcoming debt crisis are lawmakers who continually refuse to reform entitlement programs.
Consider the numbers. According to the Congressional Budget Office’s newly released report titled “The Budget and Economic Outlook: 2018 to 2028,” the U.S. deficit will reach $1 trillion by next year. That’s three years sooner than projected last year. This year’s deficit projection was also revised, increased to $804 billion, or about $300 billion more than projected last year. By 2028, the deficit will be north of $1.5 trillion. Ouch.
These amounts are quite large by historical standards. Between 2022 and 2025, deficits as a share of gross domestic product will be 5.1 percent. As CBO notes, “that percentage has been exceeded in only