CBO Warns of Ballooning U.S. Debt

[applegrove]

https://politicalwire.com/2018/06/26/cbo-warns-of-ballooning-u-s-debt/

"SNIP........

A new CBO reports says the national debt “is on track to nearly double as a share of the economy over the next 30 years,” NBC News reports.

“Federal debt is currently equivalent to 78 percent of the country’s annual Gross Domestic Product, with the report estimating it will rise to 100 percent of GDP by 2030 and 152 percent by 2048. The share of debt would surpass records set in the World War II era.”

.........SNIP"

[Freethinker65]

1. Nothing more tax cuts for the wealthy and cuts to safety nets and social programs can't fix

[Fullduplexxx]

2. Next dem to take office should probably really jack up tax rates on the rich

To pay for their party

[BigmanPigman]

3. The GOP only cares about their own bank accounts and the present.

The next generations will have to deal with the massive debt and Climate Change. The older, rich white men will be dead soon enough so they have no worries. They live for themselves. Greed is their middle name.

[Igel]

4. Here's the report from last year.

It had a trillion dollar deficit in 2020, and a little extrapolation would have it put debt = 100% of GDP in 2031.

https://www.cbo.gov/system/files/115th-congress-2017-2018/reports/53651-outlook.pdf

Of course, this was "current law" at the time the report was produced, 4/17, and there hadn't been much, if any, changes to the tax code or, really, spending by then. The debt was already projected to be "ballooning".

It made little news. Because it's the baseline left from the laws and spending trajectory that had been set in 2016 and which held in 1/17. It didn't blame the person that needed to be blamed, and would have resulting in blaming the person who shouldn't be blamed. So like Chomsky's PRO (which must be governed and also cannot be governed), it resulted in something that was silent.

It's worse now, but not much worse. Most of the problem pre-existed the 12/17 tax law revision, and by "most" I don't mean 51% but a percentage probably in the 90s.

Of course, the current CBO report misses (because it has to) the likelihood that the tax law won't revert in what was it, 2027, but will experience further deficit-increasing changes.