National Debt Set To Roughly Equal The Gross Domestic Product By 2028

depression-era-unemployment-lineI am admittedly a budget hawk when it comes to our burgeoning debt and runaway spending.  However, I remain astonished that there was not more of an uproar over the massive budget just passed after lifting debt ceilings by both parties.  Now, the Congressional Budget Office is projecting that the combination of the new tax bill and our massive budget will push the national debt to nearly the same size as gross domestic product by 2028.  That is with an economic growth rate of 3.3 percent this year.

The cumulative deficit over the next decade is projected be $1.6 trillion larger than previously projected so that, by 2028, the national debt will total 96 percent of GDP.

As in the past, members who voted to lift debt ceilings and blow up the budget are now pledging to curtail future spending and even pass a balanced budget amendment to the Constitution. We should not need such an amendment if we simply voted members out of office for saddling our children with crippling debt. We are heading down the same path as Greece where we cannot afford to run the government due to debt payments.  The reason is a lack of accountability for budgets bursting with pork barrel projects, a refusal to deal with entitlements, and continued waste in our government.

The trajectory toward 2028 is an utter disgrace and it will be our children who will have to foot the bill for our lack of responsibility.

 

59 thoughts on “National Debt Set To Roughly Equal The Gross Domestic Product By 2028

  1. If we run this country with money we borrow from China, and pay them back with money we print, why do we have to pay taxes?

  2. The Republicans and Democrats share the blame on the spending.
    After the latest tax bill, the Republicans own all the blame on the receipts side.

    How sad that the Republicans have jettisoned even the facade of fiscal responsibility as well as ethics and morals under the depraved buffoon Trump.

    Have a great day

  3. I understand that Rand Paul has introduced a bill requiring a balanced budget in 5 years. Won’t happen, but good on him for at least trying.

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