NightFox
Wildling
Source: CNBC.COM
Debt and deficits are going to explode in the next 30 years, CBO says
"The total current debt held by the public of $14.3 trillion is 77 percent of GDP. The current total debt level of $18.8 trillion is about 101 percent of GDP (the CBO computes debt to GDP based on public debt). The debt-to-GDP ratio would rise to 89 percent in 2027, according to current projections.
In addition to booming debts, the office also said the budget deficit will more triple from the projected 2.9 percent of GDP in 2017 to 9.8 percent in 2047. The deficit at the end of fiscal year 2016 stood at $587 billion.
The rise would hurt prospects for growth, the report said.
"Large and growing federal debt over the coming decades would hurt the economy and constrain future budget policy," the CBO wrote."
"To get the debt and deficit total more in line with historical averages, CBO recommends the government cut spending and increase revenue. To get the process rolling, the government would have to come up with the equivalent of $620 billion in 2018."
Sounds like the fat lady is warming up for her performance; brace for impact Gen-X'ers and Millennials.
"If something cannot go on forever, it will stop." -- Herbert Stein
Debt and deficits are going to explode in the next 30 years, CBO says
"The total current debt held by the public of $14.3 trillion is 77 percent of GDP. The current total debt level of $18.8 trillion is about 101 percent of GDP (the CBO computes debt to GDP based on public debt). The debt-to-GDP ratio would rise to 89 percent in 2027, according to current projections.
In addition to booming debts, the office also said the budget deficit will more triple from the projected 2.9 percent of GDP in 2017 to 9.8 percent in 2047. The deficit at the end of fiscal year 2016 stood at $587 billion.
The rise would hurt prospects for growth, the report said.
"Large and growing federal debt over the coming decades would hurt the economy and constrain future budget policy," the CBO wrote."
"To get the debt and deficit total more in line with historical averages, CBO recommends the government cut spending and increase revenue. To get the process rolling, the government would have to come up with the equivalent of $620 billion in 2018."
Sounds like the fat lady is warming up for her performance; brace for impact Gen-X'ers and Millennials.
"If something cannot go on forever, it will stop." -- Herbert Stein
