CBO debt estimates undercut Biden's big deficit reduction claims

[mystery-ak]

CBO debt estimates undercut Biden's big deficit reduction claims
by Haisten Willis, White House Reporter
 | May 27, 2022 07:00 AM

While newly released numbers from the Congressional Budget Office do not project a recession in 2022, the office's long-term analysis projects a sharply increasing national debt that the Biden administration, or a future one, will need to tackle.

President Joe Biden has bragged about reducing the deficit by $1.5 trillion from 2021 to 2022, but that still leaves an annual debt of nearly $1 trillion that will only increase over time.

"Overall, it's an encouraging report if you're looking at the next year, and it's a very troubling one if you look beyond that," said Marc Goldwein, senior policy director with the Committee for a Responsible Federal Budget. "It surprised me how rapidly deficits are projected to go back up after 2022."

The CBO expects the national debt to drop to 96% of gross domestic product in 2023, owing to a combination of economic recovery and high inflation, which effectively lowers past debts. But the number is projected to reach a record high of 110% by 2032, with a total of $15.7 trillion in deficits added over the next decade.

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https://www.washingtonexaminer.com/news/white-house/cbo-debt-estimates-undercut-bidens-big-deficit-reduction-claims

[GtHawk]

I'm just an unedjamacated Mercan but I don't see how it's possible to cut the deficit by 1.5 trillion when you add more than double that to the national debt.

[roamer_1]

I'm just an unedjamacated Mercan but I don't see how it's possible to cut the deficit by 1.5 trillion when you add more than double that to the national debt.

In essence, because he has spent less than Tumpy did... So far. Kinda the same mentality as your wife coming home telling you how much money she saved hitting all the sales. 

[GtHawk]

In essence, because he has spent less than Tumpy did... So far. Kinda the same mentality as your wife coming home telling you how much money she saved hitting all the sales. 

Thankfully I don't have to worry about that after the Barry/Biden shit show destroyed the economy, my job and more I have no credit cards or disposable income so going into debt is really kind of hard to do. In a way a blessing, if I want something there is no more impulse buying, I have to plan and save for things I want. You know same things as anyone else, food, gas, medicine..........

[roamer_1]

Thankfully I don't have to worry about that after the Barry/Biden shit show destroyed the economy, my job and more I have no credit cards or disposable income so going into debt is really kind of hard to do. In a way a blessing, if I want something there is no more impulse buying, I have to plan and save for things I want. You know same things as anyone else, food, gas, medicine..........

YUP. Me too. Kinda voluntarily to start with... Though COVID came along and forced it, even as I was half way to subsistence living when that happened. I am in the same boat, and it is simple: Run out of money, quit eating steaks and go back to beans. More or less, living within one's means as a matter of fact.