Thursday, August 25, 2016

Poor Economy, Continued Spending Mean More Red Ink For Federal Government

By Washington Times, Aug 23, 2016 

The federal deficit will spike 33 percent this year, the Congressional Budget Office said Tuesday, saying the gains of the last six years are coming to an end.

An economy still struggling to recover from the Wall Street collapse has kept government revenue low, rising by less than 1 percent. But that hasn’t restrained Washington’s spending, which will rise 5 percent this year, as aging baby boomers continue to sign up for Social Security and Medicare.

All told, the government will end fiscal year 2016 some $590 billion in the red, or about 3.2 percent of gross domestic product. That’s up from 2.5 percent the previous year — marking the first backslide in six years.

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