Consider this article from the Wall Street Journal, which discusses the latest CBO (Congressional Budget Office) report.
Massive budget deficits:
One lesson is that the days of easy deficit reduction are over. The annual deficit in 2016 rose for the first time in three years—by $148 billion to $587 billion. That’s 3.2% of GDP, up sharply from 2.5% last year. Mr. Obama has been able to ride falling defense spending from reduced military deployments overseas, but Pentagon outlays were flat in 2016. Military spending will probably have to increase in future years, no matter who wins Tuesday, to meet the growing challenges from Russia, China and Iran.
Looming entitlement crisis:
Mr. Obama will also leave town having failed over eight years to do anything to slow the booming burden of Social Security, Medicare and Medicaid. Outlays for those three programs…
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