Patriots: For over 25 years, your generosity has made it possible to offer The Patriot Post without a subscription fee to military personnel, students, and those with limited means. Please support the 2022 Independence Day Campaign today.

February 5, 2014

Debt, Debt and More Debt

The good news is the deficit is smaller. The bad news is … there’s no good news.

The good news is the Congressional Budget Office estimates the federal deficit will fall to $514 billion in fiscal 2014, which is lower than the previously estimated $560 billion. That’s also far lower than the 2013 deficit of $680 billion and the $1 trillion-plus deficits of the preceding four years. Fiscal 2015 looks even better with a projected deficit of $478 billion. But wait, that’s the good news?

The bad news is that the “relief” – such as it is – is largely due to tax increases and the 2011 Budget Control Act. Therefore it’s only temporary, and deficits will soon skyrocket, increasing every year and reaching $1 trillion again by 2022 as the economy continues to muddle along after 2015. The CBO report says “the economy will continue to have considerable unused labor and capital resources, or ‘slack’ for the next few years.” Unemployment will remain above 6% until late 2016, and GDP growth could be a full percentage point slower than previously projected. Such is the Obama “recovery.”

Now let’s stipulate for the record that deficits of $400 and $500 billion are absolutely outrageous, and are caused by our elected representatives and the president grossly violating their oath to “support and defend” the Constitution. Calling $500 billion deficits preferable to $1 trillion deficits is like saying you’d rather be run over by a car than a bus. Either way, you’re going to be sporting nasty tread marks.

The current total federal debt of more than $17 trillion is staggering – and double what it was just five years ago. Far worse, that doesn’t include massive unfunded liabilities like Social Security and Medicare that run future outlays into the hundreds of trillions of dollars. The CBO warns, “Such large and growing federal debt could have serious negative consequences, including restraining economic growth in the long term, giving policymakers less flexibility to respond to unexpected challenges, and eventually increasing the risk of a fiscal crisis.” It’s a vicious cycle: Out of control federal spending suppresses the economy, which means the economy is less able to sustain the spending.

Which brings us to the debt ceiling that Congress plans to raise in the next few days. Republicans may “demand” approval of the Keystone pipeline or repeal of the ObamaCare insurance bailout, but then the GOP will dutifully raise the ceiling as we continue moving toward fiscal oblivion.

Start a conversation using these share links:

Who We Are

The Patriot Post is a highly acclaimed weekday digest of news analysis, policy and opinion written from the heartland — as opposed to the MSM’s ubiquitous Beltway echo chambers — for grassroots leaders nationwide. More

What We Offer

On the Web

We provide solid conservative perspective on the most important issues, including analysis, opinion columns, headline summaries, memes, cartoons and much more.

Via Email

Choose our full-length Digest or our quick-reading Snapshot for a summary of important news. We also offer Cartoons & Memes on Monday and Alexander’s column on Wednesday.

Our Mission

The Patriot Post is steadfast in our mission to extend the endowment of Liberty to the next generation by advocating for individual rights and responsibilities, supporting the restoration of constitutional limits on government and the judiciary, and promoting free enterprise, national defense and traditional American values. We are a rock-solid conservative touchstone for the expanding ranks of grassroots Americans Patriots from all walks of life. Our mission and operation budgets are not financed by any political or special interest groups, and to protect our editorial integrity, we accept no advertising. We are sustained solely by you. Please support The Patriot Fund today!


“Our cause is noble; it is the cause of mankind!” —George Washington

The Patriot Post is protected speech, as enumerated in the First Amendment and enforced by the Second Amendment of the Constitution of the United States of America, in accordance with the endowed and unalienable Rights of All Mankind.

Copyright © 2022 The Patriot Post. All Rights Reserved.

The Patriot Post does not support Internet Explorer. We recommend installing the latest version of Microsoft Edge, Mozilla Firefox, or Google Chrome.