Posted on 02/19/2023 4:00:46 PM PST by Twotone
The Congressional Budget Office said Wednesday the national debt will reach 118% of GDP by 2033 – the highest level ever recorded – and continue to rise "if current laws generally remained unchanged."
The projections were part of the nonpartisan office's "Budget and Economic Outlook: 2023 to 2033."
According to the report, the national debt is projected to increase by $22 trillion over the next 10 years, reaching $46 trillion by 2033.
An analysis of the report by the Committee for a Responsible Federal Budget found the nation's deficit will total $1.4 trillion for fiscal 2023 and "more than double to nearly $2.9 trillion by 2033."
The nonprofit budget watchdog group also concluded, based on the CBO report, that interest costs on the debt will "grow from $475 billion in 2022 to more than $1.4 trillion – a record 3.6 percent of GDP – by 2033."
The group also concluded that three major federal trust funds – the Highway Trust Fund, Medicare Hospital Insurance and Social Security Old-Age and Survivors Insurance – "will be exhausted within the next decade."
Maya MacGuineas, president of the CRFB, described the CBO's latest figures as “daunting” and an "important dose of reality for politicians making promises they can’t afford to keep."
"Our debt is headed to a new record in only five years, while interest costs will triple over the next decade," she said. "Social Security and Medicare Hospital Insurance are only a decade from insolvency. Contrast these projections against politicians in both parties applauding a call to leave Social Security and Medicare untouched.”
MacGuineas said President Biden's "costly student debt cancellation boosted recorded deficits in 2022 and artificially lowered them in 2023."
Good thing we’ll be dead in 8 years
Hi.
I got an idea.
Sell CA to a consortium of countries for $46 trillion.
Solves many problems.
5.56mm
This is what the GOP should focus on correcting — instead of facilitating
A loaf of bread will cost $500....no, $1,000........no, $2,000.........
This article indicates the current US debt is $23 trillion.
US Debt Clock says it is $31.57 trilliuon.
The rule of thumb is that 100% debt to GDP is the edge of the event horizon.
Any higher than that the nation is in a death march to the black hole of extinction.
“Extinction” means the currency becomes most valuable as toilet paper.
And they blame the USA social security, etc.
Not the USA funding the whole world.
percentage of gdp?
what are they going to do?
confiscate 100% of gdp?
how about as a percentage of tax revenue?
how many multiples is that?
How does $2 Trillion or more in yearly payments to service the debt grab you? If inflation really takes off and we’ve got interest rates of 10%, how about $5 Trillion in yearly interest?
We would have to slash the federal budget, with deep cuts to defense and entitlements just to survive. How about a $50 Trillion principal at 20% interest.
$10 Trillion before we’ve budgeted a penny for actual federal expenditures.
Put another $120 Trillion on that for unpayable obligations.
The nation is bankrupt many times over. Our selected officials of the uniparty helped get us there.
It’s over. We are past the point of no return now.
(A loaf of bread will cost $500....no, $1,000........no, $2,000.........)
🎶🎵🎵🎶A loaf of bread 🍞🍞🍞 would buy a bag of gold 🪙🪙🪙🎵🎶🎶🎵
Revelation 6:5-6
Amplified Bible, Classic Edition
5 When He broke open the third seal, I heard the third living creature call out, Come and look! And I saw, and behold, a black horse, and in his hand the rider had a pair of scales (a balance).
6 And I heard what seemed to be a voice from the midst of the four living creatures, saying, A quart of wheat for a denarius [a whole day’s wages], and three quarts of barley for a denarius; but do not harm the oil and the wine!
https://www.biblegateway.com/passage/?search=Revelation+6%3A5-6&version=AMPC
What’s in your wallet, err wheelbarrow?
I’ll take Kansas songs for $500, Alex.
(Not the USA funding the whole world.)
America Last.
Americans Last.
(We are past the point of no return now.)
I agree. Unfortunately.
Meanwhile Kirk Cameron is out there telling people America will be around another 1,000 years because he discovered a statue that will fix everything.
Completely delusional and false.
I am not making this up.
Satan’s anti-messiah and the Godless Globalist New World Order will come much, much sooner than that.
Daniel 7:23
Japan’s debt to GDP ratio is 263%. And no financial disaster in Japan. The US debt level is still manageable.
“As of December 2022, the Japanese public debt is estimated to be approximately 9.8 trillion US Dollars (1.29 quadrillion yen), or 263% of GDP”
We need a law stating that any legislator who spends three consecutive years in office with an unbalanced budget automatically loses their pension and are disqualified from running for reelection.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.