The irresponsibility of our leaders has now given the country a fiscal terminal date: 2028. That is the date that the Congressional Budget Office now calculates as the point where our debt will virtually equal the value of our gross domestic policy. As countries like Greece have gone into a free fall with such reckless spending, both parties have put the United States on the same course for economic meltdown as politicians continue to avoid tough questions with higher spending — including yielding to the Trump Administration’s demand to left balanced budget limits.
The increasing budget deficit is currently a crippling 78 percent of the economy and will reach almost 100 percent of gross domestic product by 2028. By 2048, it will reach ,152 percent of GDP. We have not been in this position since 1946 when World War II left us at 106 percent of the GDP. That was a World War. This is just irresponsible spending.
So by 2048 we will be spending as much on just interest for our debt as we would be spending on Social Security.
For most people that is an alarming and catastrophic notion. However, for leading politicians of both parties, it is as relevant as the weather on Mars. It is not their problem. Spending today is popular and an economic meltdown for our children is still little more than an abstraction.
127 thoughts on “Death Knell: CBO Projects 2028 As Year Where Out Debt Will Pass The Value Of Our GDP”
What, pray tell, is “gross domestic policy?” Although, it does show up in a Google search over 100,000 times!
Will Lynette — A typography. Should read Gross Domestic Product.
That’s odd. I kept looking for something referring to “2017 Republican Tax Reform Bill”. Darned if Turley seemed to overlook that beloved piece of legislation.
Mr. Turley a half truth is a whole lie. National debt 21.176 trillion already exceeds GDP 19.8 trillion [est 1st qtr 2018. The CBO reported only the debt held privately, failing to report the trillions owed to the US public.Typical nonsense used to understate the actual size of the national debt.
Even more. “gross domestic policy”; ha, ha, ha!
That was certainly ignorant economics on your part, Jonathan Turley! For example, consider Japan.
Why consider Japan? The population there has always had high savings propensity now grown higher due to demographic factors. Their debt is held domestically and denominated in their own currency. They’re not vulnerable to hot money flows. Japanese buy Japanese government issues as a savings vehicle.
Debt to GDP ratio greater than one.
Starring David Benson
Juvenile of you.
We should confiscate all the money hard working Americans have tucked away in their IRAs and 401 K plans, that should help stop some of the hemorrhaging. Most of that money was probably saved by white folks anyway. So screw em! See that’s the PC answer.
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