CBO: US Debt Burden Set to Break Record in Early 2030s

Everlasting Life

Through Faith in Jesus
http://www.rollcall.com/news/policy/cbo-us-debt-burden-set-to-break-record-in-early-2030s

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.”

Hall said interest costs would equal spending for Social Security, currently the largest federal program, by 2048.

CBO has long warned that rising debt poses a risk to the economy, and Hall made the point again Tuesday.

“The prospect of large and growing debt poses substantial risks for the nation and presents policymakers with significant challenges,” he said in the statement.
 

Terry

Well-Known Member
I would be interested in seeing what the debt burden is of the top economic countries.
The debt problem is not only a US problem.
Here is the information on debt to GDP ratio. I live in Italy. My wife is Italian and I am a US citizen. Both countries have a huge debt problem! Been buying a little gold and crypto currencies to hedge either or both countries going into default. OK the US will survive until the dollar is not the reserve currency or the US decides to devalue the dollar. That may be a big surprise done by non other than Donald Trump.
https://tradingeconomics.com/country-list/government-debt-to-gdp
 

Terry

Well-Known Member
Looking this up got me a little riled up. I sent this email to everyone I know:
In case your news channel has not covered this:

https://tradingeconomics.com/country-list/government-debt-to-gdp

All is well for Americans until the dollar is no longer the world reserve currency. I will not bore you with the details but many countries including, China, Russia, Iran, Turkey, South Africa, Brazil and just about all of Asia are busy designing and implementing an alternative to the dollar as the reserve currency. Likely based on gold.

Mr Trump has had an impressive impact in a year and a half by cutting regulations and lowering taxes. But, he may have arrived too late to stop the disaster of over spending recently by Bush and Obama. It is touch and go. Then we have the folks led by Van Jones and Obama this summer. They will be in the streets trying to enact bottom up strategy revolution. You can search Van Jones and find him explaining the strategy. It is not a secret, but 90% of Americans are clueless what they ( collectivist socialist communist) Godless people want to do.



Moral of this story is: If you have any savings convert 5-10% or more to gold or silver in physical form held by you.

Okay there is no problem if you do not have any savings as most Americans, just toss this email.

May the will of God prevail for believers! T

We on this site no that God's plan is unfolding as He planned. We may not know what exactly will happen in the USA, but we know what will happen to those who believe in Jesus Christ as Lord and Savior .
 

Everlasting Life

Through Faith in Jesus
Interesting info...

It's good to prudently plan ahead. :nod And it's good to seek God for His help in these matters. It can feel scary and overwhelming to look at financial problems looming but I just want to encourage that we have God with us and He can help.

So, if anyone is feeling anxious about this remember that one can take this to the Lord and ask for His help to navigate.

As we've come across one financial need after another in my family, God, in answer to prayer (and sometimes before we knew there was a need) has faithfully provided.

He continues to provide no matter what's going on. :)
 
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