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Peter1469
06-26-2018, 08:19 PM
Growing deficits set to expand GDP to almost 100% by 2028 (http://www.rollcall.com/news/policy/cbo-us-debt-burden-set-to-break-record-in-early-2030s)

Additionally interest rates will likely be higher as well. Paying the interest on the debt is going to crowd out the discretionary budget.


Debt as a share of the United States economy is on track to blow through the previous World War II-era record within two decades and keep rising from there, the Congressional Budget Office said in its annual long-term budget report.

Generally assuming no change in current laws, growing budget deficits would push debt held by the public from the current level of 78 percent of the economy to almost 100 percent of gross domestic product by 2028, and to 152 percent of GDP by 2048, according to the agency.


“That amount would be the highest in the nation’s history by far,” said the report, which estimates the growth of spending and revenue over the next three decades as a share of the economy. The current record for debt as a share of GDP was set in 1946 when it hit 106 percent. Debt as a share of the economy is projected to exceed that level in fiscal 2034 under the latest projections, one year earlier than in last year’s long-term budget outlook.



CBO highlighted the role that rising interest costs will have, along with the growth of Social Security and Medicare.


In a statement distributed with the report, CBO Director Keith Hall said that by 2048, “as interest rates rise from their currently low levels and as debt accumulates, the federal government’s net interest costs are projected to more than double as a percentage of GDP and to reach record levels.”

Tahuyaman
06-26-2018, 10:26 PM
Everyone in DC talks about the need for debt reduction, but no one will support taking the steps necessary for reducing that debt.

Peter1469
06-27-2018, 04:38 AM
Everyone in DC talks about the need for debt reduction, but no one will support taking the steps necessary for reducing that debt.
Very true.

DGUtley
06-27-2018, 07:03 AM
:evil:

Remember when the Tea Party exploded in early 09 and carried on towards 2010? Then, both parties (albeit the D's for about 5 minutes) talked about the debt, deficit and the need to roll back spending. When it looked like there might actually be progress the swamp struck back and destroyed the tea party. You mess with Mordor's money (really our money) and you're going to have trouble.

23743

donttread
06-27-2018, 08:18 AM
Growing deficits set to expand GDP to almost 100% by 2028 (http://www.rollcall.com/news/policy/cbo-us-debt-burden-set-to-break-record-in-early-2030s)

Additionally interest rates will likely be higher as well. Paying the interest on the debt is going to crowd out the discretionary budget.


We talk of many indications of Trump's presidency but not often the most important ones , balanced budgets and not increasing debt.

donttread
06-27-2018, 08:29 AM
Everyone in DC talks about the need for debt reduction, but no one will support taking the steps necessary for reducing that debt.


Which is the hatchet as the scalpel has failed miserably. Ten percent across the board cuts . And no there isn't a single federal agency or congressional office that couldn't handle that without batting an eye.