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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsRussia Today: America on its way to $30 trillion debt by 2028 as military expenditure soars
The mounting US debt is likely to grow by another $10 trillion in the next decade, according to estimates contained in the recent budget proposal.
According to the White House Office of Management and Budget, the national debt will hit $29.9 trillion by 2028. The deficit will be equal to 101 percent of Americas GDP, the Watchdog Committee for a Responsible Federal Budget forecasts.
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Under the new budget, President Donald tRump is requesting a record $686 billion for the Pentagon a 13-percent increase compared to the 2017 budget.
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Last week, Moody's warned that it could downgrade US ratings over "meaningful fiscal deterioration." S&P downgraded the US back in August 2011.
The recently agreed tax reform will exacerbate and bring forward those pressures, Moodys analysts wrote.
In January, one of the largest ratings firms in China, Dagong Global Credit Rating, cut the US sovereign rating from A- to BBB+, putting the American economy on par with Peru, Colombia and Turkmenistan. - RT
I can almost hear the roar of Russian laughter from here. Conservatives do the bidding of our adversaries.
JI7
(89,249 posts)And using trump to do it.
John Fante
(3,479 posts)via excessive military spending, it's Russia. No surprise they'd try ruin us the same way.
chuckstevens
(1,201 posts)John Fante
(3,479 posts)to blame the Democratic POTUS for his out of control spending.
sarah FAILIN
(2,857 posts)They love to gloat about what they're doing to us.
ffr
(22,670 posts)Screw RT! But I think there's a lesson to be taken from this story. Putin winning and America losing. All going according to plan with the help of conservatives and tRump.
I think using RT as the link is essential to show what is happening. You are absolutely right.
pangaia
(24,324 posts)AJT
(5,240 posts)the GOP dream come true.
DetlefK
(16,423 posts)RT selectively publishes information.
They never give the reader the full story and omit information until the article fits the predetermined narrative.
RT's articles are not intended to inform the reader but to influence him towards an anti-american stance.
R B Garr
(16,954 posts)At least now their "performers" will have to register as Foreign Agents -- since that's what they are.
KWR65
(1,098 posts)Congress can pass an amendment to the constitution to allow the government to go into bankruptcy. We can then settle the debt for 10¢ on the dollar. The recent act by the republicans to explode the deficit proves they will vote the right way when the time comes to go bankrupt.
ffr
(22,670 posts)Assumes congress can pass a constitutional amendment and a president would sign it.
That our nations credit rating has no bearing on interest rates.
That declaring national bankruptcy would have no bearing on the global economy, let alone our own, and the the long-term ramifications of the United States government defaulting on debt owed to foreign nations.
Wow!
Care to defend your position that "the deficit and debt don't matter?"
KWR65
(1,098 posts)tblue37
(65,357 posts)are bleeding the Russian people dry.
We are following their model.
bullwinkle428
(20,629 posts)and essentially destroyed economically by its own ridiculous military budget.