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.