Projected US Budget Deficit Lie in Four Pictures
Please recall Trump's preposterous claim that he will use tariffs to pay down the national debt.
That is truly Fantasyland thinking. In fact, it is so preposterous, one has to wonder if it is a purposeful lie. Then again, we are talking about Trump, so perhaps he does believe it.
Data for these charts from US Government Debt, not an official government website.
Projections vs Reality
In nearly all cases, the increase in national debt is way higher than projected deficits. Why?
Because the projected deficit does not include all of the amount owed to the Social Security Trust Fund. That amount is called off-budget. But when the calendar year rolls over, the difference magically appears on the balance sheet as actual debt.
Actual and Projected Debt
Projected Deficits vs Projected Increases in Debt
That picture is where lie meets reality. Let's total it up.
Projected Deficits vs Projected Increases in Debt Totals Through 2023
The total projected debt increase for 2018-2023 is $6.826 trillion.
The total projected deficit increase for 2018-2023 is $5.352 trillion.
Excluding Social Security from the deficit is an accounting scam.
The cumulative deficit lie for the years 2018-2023 is $1.473 trillion.
Expect Much Worse
The story is even much worse. Those numbers assume no recession through 2023.
Mike "Mish" Shedlock