Federal debt on track to reach unsustainable level in 30 years, CBO reports

[Zorro]

Source: LA Times

The nation’s federal debt by the end of the year will reach the highest level since shortly after World War II and is on pace to reach historic and unsustainable levels within 30 years, according to a government report released Tuesday.

The federal debt already equals 78% of the nation’s gross domestic product. It is on track to reach 92% by the end of the next decade and 144% by 2049, according to calculations compiled by the Congressional Budget Office.

Phillip L. Swagel, director of the nonpartisan agency responsible for putting together budget estimates for Congress, warned that the rising debt poses “substantial risks for the nation and presents policymakers with significant challenges.”

“High and rising federal debt increases the likelihood of a fiscal crisis because it erodes investors’ confidence in the government’s fiscal position and could result in a sharp reduction in their valuation of Treasury securities,” the report says.

Read more: https://www.latimes.com/politics/la-na-pol-congress-cbo-federal-debt-deficit-rising-20190625-story.html

[yaesu]

1. china will forgive the debt when they take us over in a few years.

or not

[no_hypocrisy]

2. 30 years? We don't even have the money to pay the interest on The Debt now.

[DrToast]

3. This calls for another tax cut!

[ProudMNDemocrat]

4. Trump PROMISED to wipe out the Debt after his first term. Am I wrong on that?

The $1.5 Trillion Tax Cut did not do what it said it would. There is our first clue.

[SWBTATTReg]

8. Yes he did promise this...and there has been zero action on this, if anything, it's been totally...

opposite because of the ill advised 2017 tax cut and jobs bill (a big joke, and money handout scheme)...

[Bengus81]

15. I think the em...."promise" was in eight years

Or a reduction of the ND of 12.5% per year. Instead he's on track to easily hit his THIRD TRILLION added since Jan 2017. That after inheriting a stable economy,jobs on the rise,a low unemployment rate and a DOW that had gone up about 13,000 points in the last eight years.

[CrispyQ]

5. I read civilization will collapse in 30 years, so who cares about a little debt?

We're so fucked.

[ProudMNDemocrat]

6. I fear for my grandchildren......

Because in 30 years, I will likely be dead. What money I have left will go to them because they will need it.

[Javaman]

7. and what will the U.S. be like during that last 10 years prior to that...

"unsustainable level"?

I have a feeling it won't be pretty.

[redstatebluegirl]

9. He wants to bankrupt America like he his businesses.

[Lonestarblue]

10. Republicans will just use this to justify cutting entitlements.

No more Medicaid, no more Social Security, no more Medicare, no more food stamps. There, problem solved. We oldies should die faster as a result, saving all kinds of money that can be spent on relieving the enormous tax burdens of billionaires.

[GeorgeGist]

11. Great ...

just in time to ruin my granddaughter's prime of life.

[0rganism]

12. just in time for us to not pay for dealing seriously with the implications of climate change

how nice that we will have waited long enough to not afford necessary mitigation measures: seawalls & dikes, population relocation programs, etc. but i'm sure the DOD will still get some new toys, it's what we do.

[The Liberal Lion]

13. Eat, drink and be merry my fellow liberals and progressives (and moderates whoever ye may be)

for tomorrow we shall collapse, implode, and cease to be a force worth reckoning with.

[maxsolomon]

14. Things are more like they are now than ever before.

This isn't really a problem. A Republican is in the White House.

It's only a problem when there's a Democratic President.

Jeez!

[Bengus81]

16. Amazon paying ZERO taxes on $11B in net PROFIT and then getting a refund..........

Of $100+M is already UNSUSTAINABLE.