Nearly every year, the national debt rises more than the deficit. The picture is guaranteed to get worse.
…The increase in national debt is way higher than projected deficits…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.