The White House’s claim is also misleadingly short-sighted. The deficit may be “relatively” small right now, but it will skyrocket in the coming years. Recent budget projections from the Congressional Budget Office (CBO) show that the deficit will increase from $469 billion in 2015 to more than $1 trillion in 2022. The CBO also recently warned that deficits will start rising again after next year as federal spending will grow at a faster rate than the economy.
These claims of shrinking deficits are meant to distract from our country’s long-term fiscal problems. Despite his past promises to reform entitlement spending, the President’s failure to do so means that federal spending on major health care programs and social security will almost double over the next decade to over a trillion dollars annually. The President touts smaller deficits today, but under his proposed spending agenda the nation’s budget will never be balanced again and the federal debt will continue to rise higher and higher.
Looking past the rhetoric, the real issue remains Washington’s addiction to overspending. A $500 billion deficit shouldn’t represent a new standard by which we measure fiscal success. President Obama and his advisors should raise their standards instead of cooking the books, patting themselves on the back and calling for more spending and higher taxes.