Economic Report: Budget Deficit Falls, But Expect An Increase Soon
This week, the Congressional Budget Office released their projections, showing a slight drop in the U.S. budget deficit, but the gap should begin to grow again soon, according to UWF economist Dr. Rick Harper. In this week’s “Economic Report,” Harper spoke with WUWF 88.1-FM’s Sandra Averhart about why an aging U.S. population will create more debt for the nation in the near future.
“The baby boomers are now poised to retire. They’re going to start taking advantage of the two largest entitlement programs in the federal panoply of programs and that’s Medicare and Social Security,” Harper said. “The drop in the deficit is a temporary thing because Medicare and Social Security expenditures will go up.”
To read the complete report, click here.