National Debt On Track To Hit 141% Of GDP As Outlook Worsens -- CBO

Investor's Business Daily ^ | 7/12/2016 | John Merline

[IBD editorial writer]

The nation's long-term fiscal picture has grown considerably more dire over the past year, according to the latest forecast from the nonpartisan Congressional Budget Office, driven mainly by out-of-control spending.

The CBO now expects federal debt held by the public to reach 141% of the nation's GDP by 2046, assuming that current policies remain in place. That's up sharply from last year's forecast of 111%, and would be the highest level of debt in the nation's history.

[SharpRightTurn]

“The CBO now expects federal debt held by the public to reach 141% of the nation’s GDP by 2046, assuming that current policies remain in place.”

Forget the Obamaphones. Free Teslas for everyone! But, wait, that’s not all—$275/hour minimum wage! Power to the people!!

[pas]

Well if you are voting against Hillary it certainly is not because of the Obama economy. Just ask him.

[randita]

Yesterday, Sanders prattled on with even greater promises for free cradle to the grave benefits. No mention of where the money is going to come from. Unicorns, presumably.

Varney called it another “socialist manifesto”.

[econjack]

You cannot sustain an economic system where 49% or fewer productive people support 51% or more unproductive people. Why liberals can see the wreckage of such attempts throughout history is a mystery to me.

[tgusa]

Well, when the inevitable crash comes and the EBT cards don’t get reloaded, the 51% leeches will be stealing toilet paper and come to your front door demanding food. It’s coming. Oh yeah, and the recent imported Democrat voters will bring their assorted viruses into your neighborhood. Get ready. If you’re waiting for the Pubbies to stop it, you are lost.

[baltimorepoet]

7.62x51 should be sufficient to stop it, preferably from range of 500m or greater.

[kabar]

We are an aging society. Ten thousand baby boomers retire every day and will continue to do so for the next 20 years. In 1950, we had 16 workers for every retiree; today, it is less than three; and by 2030 there will be just two workers for every retiree.

Currently, SS, Medicare, Medicaid, other mandatories, and debt servicing costs comprise two thirds of the federal budget. This percentage will increase as the population ages. Without reform, these programs will eventually consume the entire federal budget.

[Mark17]

I was kind of expecting a Venezuela in the future.

[jacknhoo]

Yeah, let’s keep killin’ the babies, moms. You’ve (mothers) already killed more people just since 1980 than all the worlds wars and health epidemics through all of history combined. Well, except Muslim moms, that is.

People are stupid evil.

[Lionheartusa1]

,,,,,, thanks to the first black president who has become the worst ever president . Jimma Carta ,,,, you no longer hold that title .

[Paulie]

“Well, when the inevitable crash comes and the EBT cards don’t get reloaded, the 51% leeches will be stealing toilet paper and come to your front door demanding food.”
_____________________________________________________

True enough. And the people who, either directly or indirectly, are responsible for putting us in this situation will be sitting pretty in their heavily guarded gated homes; well stocked with food and entertainment.

[kabar]

We aren’t suffering from a loss of population. We have added 40 million people since 2000. Since blacks abort at the highest rates, their population would be double what it is today without abortion. The impact on unemployment, crime, welfare use, etc. would increase accordingly.

[trebb]

Currently, SS, Medicare, Medicaid, other mandatories, and debt servicing costs comprise two thirds of the federal budget. This percentage will increase as the population ages. Without reform, these programs will eventually consume the entire federal budget.

How close are you to retirement? That data would help put your comments into perspective.

Many of these programs would be well-funded and healthy if not for what the politicians have wrought over the decades - do you trust them to "handle it"?

Stop funding illegals and turn welfare into a basic subsistence program for those who can't fend for themselves instead of a gravy train and stop all the pork and other wastes and we would see a big swing in the right direction to keep the contract that was forced upon us/them.

[jacknhoo]

You’re a full blown racist.

[Roger Kaputnik]

“...when the inevitable crash comes...”

Agreed. It is inevitable. The question is WHEN. I was expecting the crash to have already happened by now, and continue to wonder how much longer the gubmint can prevent the inevitable. 141% of GDP?! And the non-productive 51% in this country don’t have a clue about it. They don’t have a care in the world as long as their Obama phones and EBT cards are still working.

[Georgia Girl 2]

Kudos to Paul Ryan and Mitch McConnell. They have passed e every spending bill.

[jacknhoo]

Correction: You’re a full blown pro-abortion racist.

And the lunacy-

Your first comment:

“We are an aging society. Ten thousand baby boomers retire every day and will continue to do so for the next 20 years. In 1950, we had 16 workers for every retiree; today, it is less than three; and by 2030 there will be just two workers for every retiree.”

Your second comment:

“We aren’t suffering from a loss of population. We have added 40 million people since 2000. Since blacks abort at the highest rates, their population would be double what it is today without abortion. The impact on unemployment, crime, welfare use, etc. would increase accordingly.”

............................................................

Jiminy, what do you think we’re only adding old people? No, we’ve not added near enough people.

What do you think only blacks abort? Mothers of all races abort. Well, except Muslim abortions are negligible.

Do you think other races aren’t on social welfare programs? Jeez, you haven’t really been keepin’ up.

You obviously don’t see the evil in abortion, but it is there. You obviously are happy that black mothers are killing their children...so happy with that fact that you’re willing to ignore that white people are on a negative growth rate.

Since you brought up adding population since 2000, do you know we had 4,311,000 fewer white births than deaths between 2000 and 2010. That should make any white supremacist sad, but not ones that think all blacks are criminals and leeches on society. I’ll tell you, many more blacks would be working and out of jails if we sealed the border from the illegal aliens and the drugs. For every 100 illegals that get work in the USA 65 American citizens are displaced. Those are mostly blacks and other legal minorities. What do those blacks/minorities have to do then? They are forced onto social welfare programs due to the illegals taking their jobs. Many turn to the drug market to make money.

For the same time period - 2000 to 2010, blacks only had 248,000 fewer births than deaths. So, your racist reason doesn’t really seem to hold water. Though they abort more of their babies as a percentage of pregnancies...they’re still having more babies than they are deaths. Their population is growing as a percentage of the over all and whites are decreasing.

Asians, Hispanics, Middle Easterners...all growing percentages of the population.

It is not enough growth, as you stated in your first comment.

[kabar]

How close are you to retirement? That data would help put your comments into perspective.

I am 73 years old collecting SS, Medicare, and a six digit federal pension. I have been "retired" for 17 years.

Many of these programs would be well-funded and healthy if not for what the politicians have wrought over the decades - do you trust them to "handle it"?

Wrong. They are actuarily unsustainable. SS and Medicare are pay as you go programs, i.e, today's workers pay for today's retirees. SS has been running in the red since 2010 and Medicare since 2008, i.e., payouts exceed revenue. The shortfalls are made up by cashing in the non-market, interest bearing T-bills in the trust funds. Since we borrow about 40% of the money we spend, we have to borrow money in the general fund to pay for benefits.

By law, the premiums for Medicare Part B cover only 25% of the costs. The rest comes from the General Fund. 40% of all Medicare expenditures come from the General Fund.

The politicians need to change the laws for entitlement programs or they will bankrupt us. They are the biggest drivers of debt. They represent a 60 trillion unfunded liability over a 75 year period or well over $100 trillion over a longer period. How else can these programs be reformed if not by the politicians? The laws have to be changed.

Stop funding illegals and turn welfare into a basic subsistence program for those who can't fend for themselves instead of a gravy train and stop all the pork and other wastes and we would see a big swing in the right direction to keep the contract that was forced upon us/them.

We have 80 million on Medicaid, 54 million on SS, 47 million on Medicare, and 46 million on food stamps. Where is the political will to support the changes you want to cut off the "gravy train?" In the next 20 years the population over 65 will double to 80 million. And the number of taxpayers for each worker will decline to two for every retiree.

[kabar]

LOL. I am just giving you the facts. The black population would be double what it is today without abortion. There are currently 39 million blacks in the country.

I am solidly pro-life and believe abortion is murder. But facts are facts. If you think the abolition of abortion will contribute to a better economy, you are wrong. We have a surplus of labor with the lowest labor participation rates in 38 years. Yet we bring in 1.1 million legal permanent immigrants a year along with 640,000 guest workers annually. How insane is that?

By 2019 half of the children under 18 will be minorities as classified by the USG and by 2043 half of the country will be minorities. We have brought in 35 million legal permanent immigrants since 1990, 87% of whom are minorities. Immigrants and minorities vote more than two to one Dem. The Dems are on the cusp of being the permanent majority party. Demography is destiny.