Yes, the economy is growing, and yes times are pretty good for a lot of people. That being said, there is still a very strong possibility that a $1 trillion dollar deficit is possible in Washington. The reasons are many, but they leave a lot of the public frustrated that Washington seems unable or unwilling to control its own budget.
Foreshadowing Calculations From The CBO
The Congressional Budget Office (CBO) is a non-partisan organization that is designed to be the accountant of Congress. They take a look at all of the proposed bills that are offered in Congress and attempt to calculate the cost of those bills. They then put out their projections to the American people so that they may be better educated about what it is that their Congress is doing.
This is all often a very difficult thing for members of Congress to contend with as they frequently do not want too much information about what their bills may do to get out to the public. Still, that information does manage to make it through. When it does, the public sometimes reacts negatively.
The latest calculation from the CBO regarding the budget deficit is sure to leave some people angry. It turns out that the deficit could reach $1 trillion by 2019 according to the CBO. This is a full four years earlier than what had been previously projected.
The Aging Population
A part of the reason for the higher deficits is due to the aging population. Greater spending on programs like Social Security and Medicare make it more difficult for the government to get its budget in balance. More people are receiving money from those programs by the day. In fact, it is now true that roughly ten-thousand people reach the retirement age of sixty-five every day in America. Therefore, more strain on those budgets could be forthcoming.
Projections have been on the increase from the CBO, and they now see a lot more money flowing out of the government than it had before. It is a terrifying thing for a lot of people, and a very big reason why the good times that are present in the economy right now may not be here for long. It is impossible to say at this point, but it certainly has a lot of people worried. Economists and those who follow this kind of thing regularly are sounding the alarm.