President Donald Trump is fond of boasting about the economic gains achieved by his administration, even as critics point out that improving economic indicators can be traced back to Obama era policies. The President often brags that his business acumen, applied to America’s economy and world trade, has resulted in wins for the American people.
But as Politico reported Tuesday, the US federal deficit has also soared during his time in office, threatening the future of vital programs like Social Security and Medicare.
According to Congressional Budget Office estimates, in less than two decades the federal deficit will the biggest in history.
“The prospect of large and growing debt poses substantial risks for the nation and presents policymakers with significant challenges,” according to CBO director Keith Hall.
“In CBO’s projections, most of the spending growth for Social Security and Medicare results from the aging of the population. Growth in spending on Medicare and the other major health care programs is also driven by rising health care costs per person,” he said.