CBO expects deficit to grow more than projected
Federal deficits are expected to swell to higher levels over the next decade than previously expected. The U.S. budget deficit is expected to average a whopping $1.2 trillion per year between 2020 and 2029. The aging of the U.S. population and growth in health-care spending are the main drivers of the large deficit.
Source: CNBC, August 21, 2019
Explain why the national debt does not measure the federal government's true indebtedness. How does the nation's fiscal imbalance provide a more accurate account of government's debt?