The complete collapse of the government is almost certain, as the entity is expected to run a budget deficit of $1 trillion this year…
The complete collapse of the government is almost certain, as the entity is expected to run a budget deficit of $1 trillion this year. The biggest problem doesn’t seem to be the ruling class’ unwillingness to do anything about it, but the public’s lackadaisical attitude.
According to a report released Tuesday by the nonpartisan Congressional Budget Office (CBO), the federal government continues to spend much more than it collects in tax revenue and is pushing the nation to the brink of disaster. While most conservatives blasted the Obama administration for being this neurotic with money printing and inflation, they seem to be letting Donald Trump off the hook.
A combination of the 2017 tax cuts and a surge in new spending has pushed the deficit wider. While tax cuts are good, having more of the money you worked for as opposed to having it stolen, is always a boost to the economy, the Trump administration hasn’t cut spending to match. In fact, the government is continuing to fund the military-industrial complex and Ponzi schemes such as Medicare and Social Security. This year would mark the first time since 2012 that the deficit has reached $1 trillion, a threshold that has alarmed some budget experts because deficits typically contract — not expand — during periods of sustained economic growth.
And some of the costliest government programs are projected to experience expansions in the next decade. Spending for Medicare, which provides health care for older Americans, will rise from $835 billion in 2020 to $1.7 trillion by 2030, while annual federal spending on Social Security will grow from roughly $1.1 trillion to $1.9 trillion over that span. –Washington Post
And a good majority of the population has yet to figure out that the rulers don’t actually care about anyone but themselves. They only want to enrich their own lives at the expense of everyone else. But reckless spending could very well end up being the destruction of the entire ruling class.
This year’s deficit would be an increase from 2019 when the government deficit grew to $984 billion. The deficit in 2016, President Barack Obama’s last full year in office, was $585 billion. CBO now projects that the deficit will be at least $1 trillion each year in perpetuity unless policymakers make changes. –Washington Post
The U.S. government must pay interest on this debt in order to keep borrowing more money. This adds to the problem, and could very well be why the Trump administration is desperate to make your savings worthless by insisting interest rates go to zero.