(ConservativeSense.com) – The Congressional Budget Office (CBO) has released predictions for America’s financial future and warned that government spending will continue to rise and increase the budget deficit by more than $2 trillion over the next ten years. The CBO report notes that most government spending funds welfare programs such as Medicaid, and this trend will continue into the 2030s.
Medicaid and Obamacare will drive the deficit up by $511 billion in the next decade, the CBO contends, while noting that it cannot accurately predict how many immigrants will arrive and take advantage of the “free” medical care.
President Biden’s “student loan forgiveness” schemes will also drive the deficit up by an estimated $145 billion in 2024 alone, with future expenditures not accounted for.
According to the “deficit tracker” maintained by the Bipartisan Policy organization, figures in May 2024 show a deficit of $348 billion, rising annually. Revenues in the previous year jumped 10% to $3.3 trillion, but expenditures grew by 23%—an increase of $124 billion.
Among revenues, income and payroll tax income rose 8% to $221 billion, and corporate income taxes jumped 33% to $76 billion. Other revenues totaled $37 billion, but outlays were up 6% to more than $4 trillion.
According to the deficit tracker, public debt interest payments are the most significant spending burden on the government, with welfare programs in second place. Between May 2023 and 2024, Social Security, Medicare, and Medicaid spending rose to $117 billion, fueled by an increasing population and growing government dependency.
The Department of Defense and of Veterans’ Affairs spending rose 8% and 14%, respectively, representing the third and fourth-highest outlays.
Regarding immigration, which is driving up welfare costs, the CBO predicts that the US population will rise from 342 million people in 2024 to 383 million people in 2054. It also suggests that in 2040, all population growth will be migration-fueled, and welfare-depending migrant populations will be 2.4% higher in 2053.
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