The history and the future of the U.S. Federal Government deficits in one chart:
Which shows, amongst other things, that
- The post-2000 regime of deficits has shifted to a completely new trend of massively accelerating excessive spending relative to receipts;
- The legacy of the Global Financial Crisis and the Great Recession far exceeds traditional cyclical increases in deficits;
- The more recent vintage of the Obama Administration deficits has been more moderate compared to the peak crises years;
- The ongoing trend in the Trump Administration deficits is dynamically exactly matching the worst years of Obama Administration deficits, despite the fact that the underlying economic conditions today are much more benign than they were during the peak crises period under the Obama Administration; and
- Based on the most current projections, by the end of the year 2023, the U.S. is on track to increase cumulated deficit from USD 12.227 trillion at the end of 2016 to USD 20.466 trillion. This would imply an average annual uplift of USD 1.177 trillion, which is significantly higher than the average annual increase in deficits of USD 838.3 billion recorded over the 2009-2016 period.