Posted on 07/15/2014 3:31:18 PM PDT by Oldeconomybuyer
Congress’s nonpartisan budget watchdog warned Tuesday that U.S. entitlement programs would drive the country’s debt to unsustainable levels in the coming years.
The federal debt is now 74 percent of the nation's gross domestic product (GDP), the Congressional Budget Office (CBO) said in its latest long-term budget outlook, a product of the outsized budget deficits the U.S. recorded following the 2008 fiscal crash.
That figure is already twice the debt level held in 2008, and matched in U.S. history only by a brief span after World War II. But CBO also projects that the public's share of debt will increase to 106 percent of GDP in 2039, driven by increased spending on healthcare programs like Medicare and on Social Security.
“Debt would be on an upward path relative to the size of the economy, a trend that could not be sustained indefinitely,” the CBO’s report said.
(Excerpt) Read more at thehill.com ...
Anyone who thinks the level today is sustainable has been chooming whacky weed with The Great Choomeer himself.
These CBO guys are really on the ball.
The TEA Party has been screaming this from the top of our lungs for years!
So what does the entire nation wring their hands over? That the 3% gay community can’t get married.
Then I guess that proves it: the CBO is RACIST! ;)
And how much are we paying that guy??
Bump
Doesn’t matter to a rat. Bankrupt the sytem and take over the Country by force until there is utopia. We are just too nice to actually put these people in their place.
I won’t be around then but I wish I could be so I could look my stupid kids in the eyes and say “What now, genius?”
They also said Obamacare was revenue neutral. Like I believe anything they say.
Paging Captain Obvious...
The CBO receives today’s NSS (No Sh** Sherlock) award.
Well while we are discussing things.
America needs to bring back industry to America.
We need to stop buying everything imported, and start making stuff right here.
Like we always did before one generation ago.
Just saying.
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