Hope and Change (suckers)
All according to plan
Posted on 06/23/2024 5:21:40 AM PDT by george76
The Congressional Budget Office reports the 2024 budget deficit will near $2 trillion..
In 2024, the federal budget deficit is estimated to reach nearly $2 trillion, according to new projections released by the Congressional Budget Office (CBO) this week. In February, the agency predicted that the deficit would only be $1.58 trillion. However, spending increases have caused the projected deficit to increase by $400 billion, a staggering 27 percent hike.
According to the CBO, 80 percent of the spike in the deficit can be blamed on four sources of government spending.
The largest source, responsible for $145 billion of the increase, is changes to the federal student loan program that have resulted in massive waves of federal student loan forgiveness and increased forgiveness going forward.
Second, the CBO's report details how the costs for "deposit insurance have increased by about $70 billion because the Federal Deposit Insurance Corporation (FDIC) is not recovering payments it made when resolving bank failures in 2023 and 2024 as quickly as CBO previously anticipated.".
Third, an additional $60 billion in cost increases came from additional legislation. And lastly, $50 billion in increased spending came from higher-than-expected Medicaid costs.
The long-term outlook for the budget deficit has increased too. In February, the CBO estimated that in 2034, the deficit would climb to $2.5 trillion. Its latest estimate now places that number as over $2.8 trillion.
"For the 2025–2034 period, CBO now projects that if current laws generally remained unchanged, the cumulative deficit would be $22.1 trillion. That amount is $2.1 trillion (or 10 percent) more than the $20.0 trillion the agency projected this past February," reads the CBO's report. "Measured in relation to the size of the economy, federal debt at the end of 2034 is now projected to equal 122 percent of gross domestic product (GDP); in February, debt at the end of that year was projected to equal 116 percent of GDP."
If the deficit continues to increase as the CBO predicts, the outcome could be disastrous.
"As debt grows unabated, there is the risk of a sudden loss of confidence in bond markets, with investors demanding much higher interest rates that could trigger a debt doom loop and broader fiscal crisis," Cato Institute researchers Romina Boccia and Dominik Lett warned this week. "Congress and the Biden administration should cut spending now while the economy is growing and conditions are favorable for deficit reduction, alleviating pressure on interest rates and the federal debt to grow, and before a fiscal crisis forces their hands."
Let the democrat party pay for it.
But they're not the ones who sent our manufacturing, technology, money, and tax base out of the country. They're not the ones who sold out their own kid's futures for the promise of lower prices. And they're not the ones who went against everything they supposedly stand for such as capitalism over communism and freedom over slave labor to get those lower prices.
The generation that did this will likely be dead and gone when the chickens come home to roost.
Yup. It’s pretty common to criticize young people today. But it seems to me that the real problems we see all around us have been caused by the older generations. The young people are just stuck with a world that has been fundamentally transformed in many bad ways.
BS. Student loans are a very small portion of the national debt. Very small. Illegal aliens are gobbling up over $3 trillion! over the past 3 years.
Just a few months ago Biden said, “I’ve been delivering real results in fiscally responsible ways. We’ve already cut the federal deficit by over $1 trillion.”
Colleges/Universities should be on the hook for this. Not the US taxpayers. The combined worth of the top 15 university endowments is ~$327 billion dollars. That would almost pay off the entire $400 billion sum. I realize that these 15 aren’t responsible for all the student debt that was accrued, but then neither are we.
So it’s official. The curtain is pulled back. Our colleges and universities are really just state run daycare centers that pay well.
All those billions on indoctrination!
I never thought handing out FREE STUFF was a good idea but handing out free college participation certificates that are neither earned nor deserved was really loading up on too many recreational drugs.
I do hope Trump reminds people that Biden ignored a Supreme Court ruling for his vote-buying giveaway scheme.
If that is the problem (and I agree it is), then the solution is to cancel our TV and movie subscriptions and stop putting money into their coffers. If we don't, then by our own confession we're part of the problem.
Bingo
When MEDICAID INCLUDES RENT /down payments on a mortgage/ & OTHER ITEMS-—IT WILL NEVER SLOW DOWN.
They never do pay they pass it on to the muddle class the back bone of America.
The middle class should be able to deduct such actions on their taxes paying for slackers free ride.
SC said biden is not allowed to cancel student debt but he’s doing it anyway and the press lets him. If trump had defied the SC, the press would have called him a dictator.
Trump should reverse the student loan forgiveness(Because it was illegal) and reinstate the loans.
Don’t hire these thieves.
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