Deficits will begin growing again very soon…
Check it out:
Over the last few years, the Republican Congress and Barack Obama have done a decent job of bringing down the immense deficits created by the recession and the President Obama’s own response to it. The federal deficit is now “only” $468 billion dollars for 2015. The deficit will continue to fall, mostly because of increased taxes, until 2017 – at which point it will start to grow larger, forever.
As Veronique de Rugy writes at the Mercatus Center:
The CBO projects the deficit to begin rising again in fiscal year 2017 and to surpass $1 trillion in fiscal year 2025. This growth in future deficits is the result of a jump in entitlement spending rather than a one-time increase in spending (as it was in fiscal years 2008 and 2009). Deficits will keep growing unless the underlying causes are addressed.