User Tag List

+ Reply to Thread
Results 1 to 6 of 6

Thread: Growing deficits set to expand GDP to almost 100% by 2028

  1. #1
    Original Ranter
    Points: 859,042, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 90.0%
    Achievements:
    SocialCreated Album picturesOverdrive50000 Experience PointsVeteran
    Awards:
    Posting Award
    Peter1469's Avatar Advisor
    Karma
    496573
    Join Date
    Jun 2011
    Location
    NOVA
    Posts
    241,693
    Points
    859,042
    Level
    100
    Thanks Given
    153,218
    Thanked 147,583x in 94,415 Posts
    Mentioned
    2552 Post(s)
    Tagged
    0 Thread(s)

    Growing deficits set to expand GDP to almost 100% by 2028

    Growing deficits set to expand GDP to almost 100% by 2028

    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.”
    ΜOΛΩΝ ΛΑΒΕ


  2. #2
    Points: 432,138, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 100.0%
    Achievements:
    50000 Experience PointsVeteranOverdriveSocial
    Awards:
    Frequent Poster
    Tahuyaman's Avatar Senior Member
    Karma
    307972
    Join Date
    Dec 2014
    Location
    Bremerton, Washington
    Posts
    183,449
    Points
    432,138
    Level
    100
    Thanks Given
    20,178
    Thanked 76,987x in 55,610 Posts
    Mentioned
    700 Post(s)
    Tagged
    1 Thread(s)
    Everyone in DC talks about the need for debt reduction, but no one will support taking the steps necessary for reducing that debt.

  3. The Following User Says Thank You to Tahuyaman For This Useful Post:

    Jets (06-27-2018)

  4. #3
    Original Ranter
    Points: 859,042, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 90.0%
    Achievements:
    SocialCreated Album picturesOverdrive50000 Experience PointsVeteran
    Awards:
    Posting Award
    Peter1469's Avatar Advisor
    Karma
    496573
    Join Date
    Jun 2011
    Location
    NOVA
    Posts
    241,693
    Points
    859,042
    Level
    100
    Thanks Given
    153,218
    Thanked 147,583x in 94,415 Posts
    Mentioned
    2552 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by Tahuyaman View Post
    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.
    ΜOΛΩΝ ΛΑΒΕ


  5. #4

    tPF Moderator
    Points: 473,242, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 56.0%
    Achievements:
    Social50000 Experience PointsTagger First ClassYour first GroupVeteranRecommendation First ClassOverdrive
    Awards:
    Master Tagger
    DGUtley's Avatar tPF Moderator
    Karma
    200770
    Join Date
    Jul 2016
    Location
    Northeast Ohio
    Posts
    52,925
    Points
    473,242
    Level
    100
    Thanks Given
    17,063
    Thanked 46,040x in 24,874 Posts
    Mentioned
    887 Post(s)
    Tagged
    0 Thread(s)

    Post Don't mess with the money... you'll be sorry....



    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.

    Attachment 23743
    Any time you give a man something he doesn't earn, you cheapen him. Our kids earn what they get, and that includes respect. -- Woody Hayes​

  6. #5
    Points: 172,963, Level: 98
    Level completed: 83%, Points required for next Level: 687
    Overall activity: 49.0%
    Achievements:
    50000 Experience PointsSocialVeteran
    donttread's Avatar Senior Member
    Karma
    88551
    Join Date
    Nov 2013
    Posts
    51,915
    Points
    172,963
    Level
    98
    Thanks Given
    18,303
    Thanked 20,519x in 14,779 Posts
    Mentioned
    318 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by Peter1469 View Post
    Growing deficits set to expand GDP to almost 100% by 2028

    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.

  7. The Following User Says Thank You to donttread For This Useful Post:

    DGUtley (06-27-2018)

  8. #6
    Points: 172,963, Level: 98
    Level completed: 83%, Points required for next Level: 687
    Overall activity: 49.0%
    Achievements:
    50000 Experience PointsSocialVeteran
    donttread's Avatar Senior Member
    Karma
    88551
    Join Date
    Nov 2013
    Posts
    51,915
    Points
    172,963
    Level
    98
    Thanks Given
    18,303
    Thanked 20,519x in 14,779 Posts
    Mentioned
    318 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by Tahuyaman View Post
    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.

+ Reply to Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts