Debt held by US public on track to hit record high in next decade: Estimate

The Hill ^ | 02/07/2024 | ARIS FOLLEY

[ChicagoConservative27]

Federal budget analysts said Wednesday that debt held by the U.S. public is on track to hit a record high in the coming years because the federal budget deficits are projected to climb over the next decade.

The Congressional Budget Office (CBO) projected the debt held by the public will rise significantly over the next decade, climbing from 99 percent of GDP in 2024 to 116 percent in 2034. The jump would mark a high-water mark, the CBO said, while noting that, absent policy changes, the debt is likely to continue the upward trajectory after 2034.

Federal outlays are also expected to rise after 2028, the CBO said, while pointing to increased spending on programs like Social Security and Medicare and higher net interest costs.

[Revel]

Dumb communist hill reporters. Everyday it hits a record high. Duh....

[Reno89519]

It is already too high. Personally I have more personal non-home and non-business debt than I have ever had. Scary how quickly it piled up, inflation outpaced income. I think I comparatively make significantly less now than 20 years ago.

[PerConPat]

What, me worry? The feds will monetize gov’t debt, and banks etc. will forgive private debt like they did for an acquaintance of mine who walked away from his house in 2010 so he could buy a mansion at financial crisis prices. /S...I guess...

[ProtectOurFreedom]

That has to be one of the stupidest articles from the Hill or anybody. "...debt held by the U.S. public is on track to hit a record high in the coming years because the federal budget deficits are projected to climb over the next decade."

Permit me to summarize...

Out-of-control government issues out-of-control debt instruments and consumers buy the out-of-control government debt instruments.

[ComputerGuy]

It’s government debt that’s piling up at record rates that’s the big problem.

[C210N]

The more debt the better, since not a red cent will be applied to pay back any principle.

[Chode]

as opposed to today, right??? WTF...

[fatboy]

Learn you some money handling skills.

[jeffersondem]

“Federal budget analysts said Wednesday that debt held by the U.S. public is on track to hit a record high in the coming years because the federal budget deficits are projected to climb over the next decade.”

I never saw this coming.