Posted on 02/16/2023 9:14:09 AM PST by ChicagoConservative27
The US is on target to eclipse previous economic forecasts and add a staggering $19 trillion to the national debt in the next 10 years, according to the nation’s budget scorekeeper.
In a report released on Wednesday, the Congressional Budget Office warned that one way or another, through tax hikes or spending cuts, the country’s fiscal course needs to be corrected.
“Over the long term, our projections suggest that changes in fiscal policy must be made to address the rising costs of interest and mitigate other adverse consequences of high and rising debt,” CBO Director Phillip Swagel wrote in a letter released along with the report.
The CBO projects that within a decade, the national debt in relation to the size of the economy will rise to unprecedented levels. Debt held by the public is projected to reach 118% of GDP by 2033 — the highest level ever recorded – according to the CBO.
(Excerpt) Read more at nypost.com ...
No amount of tax hikes can meet 19 trillion, that they even recommend taxing more for this shows how unserious, or nefarious they are.
That’s all? Amateurs.
$19 trillion is probably being optimistic.
If Nancy makes a comeback it will be 10 times that
This is outright generational theft by the boomer generation to fund their old age since they did not prepare to do it personally.
And don’t forget it isn’t cheap giving welfare to the world’s illegal aliens. They can’t be expected to pay their own way when the stupid gringo will give them everything they want.
And don’t forget it isn’t cheap giving welfare to the world’s illegal aliens. They can’t be expected to pay their own way when the stupid gringo will give them everything they want.
Nothing changes till the cash flow stops.
It happened to a major world power in our lifetime.
I believe $19B in 10 years is a VERY conservative estimate.
Uh, that was a T! $19Trillion.
And hyper-inflation from all the printed money. Zimbabwe, we can do you better! $1 million dollar cheeseburgers!
Thanks. Lapse of noodle, I did mean “T”. It will be lot’s more than that, probably two or three times that. Conservatively.
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