All the <-bsp-bb-link state="{"bbHref":"bbg://news/stories/S9LENDT0G1KW","_id":"0000018e-1893-d64e-af9e-dedf2a6e0000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">fearmongering in Washington-bsp-bb-link> over the $1.5 trillion federal budget deficit hides a truth few politicians would admit — that <-bsp-bb-link state="{"bbHref":"bbg://news/stories/RUJR7ODWLU68","_id":"0000018e-1893-d64e-af9e-dedf2a6e0001","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">hefty headline number-bsp-bb-link> you hear so much about is an unreliable measure of US fiscal health.
Savvy economists prefer what’s known as the primary deficit, which is the overall shortfall minus what the government spends each year on interest payments. At $637 billion, this measure is smaller, less frightening, in line with recent history and — more importantly — shrinking, having narrowed from $1 trillion in 2023.
It’s a shame that lawmakers don’t focus their attention on the primary deficit, …
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