The Deficit And Its Effect On The Next Decade

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*As the day goes by almost never-ending so to will the U.S. budget continually growing. However, in the previous years the deficit has sharply declined from one year to the next. Specifically, in 2014, the deficit in total, was 514 billion (2014). Yes, 514 billion dollars is unbelievable, yet this number is surprisingly less than what the United States had previous to new laws being implemented. Specifically, in 2009, the deficit was 1.4 trillion dollars (2014). This trend is highly permissible, however is this decline something that we may expect to occur in the next decade. Unfortunately, as the Congressional Budget Office states, “Under current law, deficits will drop through 2015 but rise thereafter, boosting the already high federal debt, CBO projects. Economic growth will be solid in the near term, but unemployment will not drop below 6.0 percent until 2017” (2014). With the aforementioned statement, what will the deficit impact in the next decade? Feasibly one may conclude that when the deficit rises, so may other portions. Particularly, the size of the economy will open-endedly flourish, with this so will spending. Unnervingly, spending will grow more rapidly than the GDP as the age of our population grows, so will their contributions to the economy. These contributions as the CBO states are, “the expansion of federal subsidies for health insurance, rising health care costs per beneficiary, and mounting interest costs of federal debt. By contrast, all federal
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