Deficits Forever.

BUSINESS cycles; BUDGET deficits; VETERANS' benefits; PUBLIC finance; PUBLIC debts

The article discusses the issue of increasing budget deficits in the United States, which have been growing consistently since 2002 regardless of the state of the economy. Despite President Biden's claims of fiscal responsibility, his budget for fiscal year 2025 requests a $1.8 trillion deficit, with projected deficits of $1.4 trillion to $1.9 trillion each year through 2034. The article explains that the increase in deficits is due to mandatory spending, which includes Social Security, major health-care programs, and interest payments on the debt. Mandatory spending already consumes 73 percent of the federal budget and is projected to grow every year, limiting Congress's ability to make changes to how the money is spent. The article concludes by stating that the national debt is expected to increase by $119 trillion in the next 30 years, with the majority of the increase coming from mandatory spending. [Extracted from the article]

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