$3 trillion in cuts sounds impressive a fist glance, but then we read “over a decade”. Current annual deficits are running about $600 billion, so over a decade you would either need to make $6 trillion in cuts or hope the tax base expands to cover part of it with higher tax receipts (or a combo of both). I see lots more red in our future.
$3 trillion in cuts sounds impressive a fist glance, but then we read “over a decade”. Current annual deficits are running about $600 billion, so over a decade you would either need to make $6 trillion in cuts or hope the tax base expands to cover part of it with higher tax receipts (or a combo of both). I see lots more red in our future. I agree. The budget itself projects deficits of around a trillion dollar per year for the next several years. As can be seen in the following graph, the "unified deficit" comes in just under a trillion $ per year but the public and gross debt will both increase by over a trillion $ per year.
For the numbers and sources, see http://www.econdataus.com/def19.html.