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And while the report described the rising cost of Medicare, Medicaid and Social Security as the "main reason" deficits are projected to balloon over time, it also said that "the policy choices of the previous administration contribute a substantial amount" to that growth.
The usual reason deficits are harmful is because government borrowing pushes up interest rates, crowding out investment by the private sector.
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The reason: deficit projections are falling fast.
PS video: 4 reasons deficit will widen.
The odds of a calm and reasoned deficit debate have never been good.
Referring to the inability so far of Congress to replace the upcoming automatic spending cuts with more reasoned deficit-reduction, Johnson said, "I really wonder what do we elect them for".
But President Trump has forecast that his meeting Thursday and Friday with Chinese President Xi Jinping would be a "very difficult one" for a particular reason: Trade deficits.
At the same time, taxes have been cut dramatically for the richest people in the country – one reason why deficits have gone up in recent years.
And the growing transparency of that agenda is the fourth reason the deficit scolds have lost their clout.
That is the main reason the deficit this year is likely to be £6bn lower than it looked to be four months ago.
The only reason the deficit "supercommittee" failed was because Republicans refused to raise taxes on the rich, and wanted to cut them even below their bargain-basement prices.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com