Government debt threatens to send U.S. economy into death spiral, CBO warns


(Worthy News)– Rising federal debt threatens to choke economic growth within a decade, beginning a death spiral that will sap revenue from government programs even as demands grow, forcing the government to borrow even more, Congress’ budget watchdog said in a frightening report Tuesday.

Budget cuts or tax increases now would help avert that scary scenario, leaving the economy far stronger than it otherwise would be, the Congressional Budget Office said in the starkest warning yet by the independent agency that putting off tough decisions will only make things worse.

The report — the first major one under new CBO Director Keith Hall — also takes aim at some traditional liberal arguments, finding that government investment yields only half the return on investment compared with the private sector and that money transfers to the poor act as “implicit taxes,” keeping them out of the labor force and depressing the economy further. –[wp_colorbox_media url=” ” type=”iframe” hyperlink=”Source”]

18
people are currently praying.

💡 Did you know? One of the best ways you can support Worthy News is by simply leaving a comment and sharing this article.

📢 Social media algorithms push content further when there’s more engagement — so every 👍 like, 💬 comment, and 🔄 share helps more people discover the truth. 🙌

Latest Worthy News

Beijing Zion Church Pastor Detained as China Launches Sweeping Crackdown on House Churches
Trump Declares “Dawn of Peace” in Historic Knesset Speech as Hostages Return Home on Hoshanah Rabbah
Johnson: Republicans ‘have plans’ to ‘fix’ Obamacare
All 20 Living Hostages Released by Hamas Returned to Israel; Families Reunited Amid Dispute Over Deceased Hostages
Trump Unveils “20-Point Gaza Plan” and Announces New ‘Board of Peace’ to Oversee Gaza Transition
Hamas Kills Dozens in Gaza Crackdown as Group Moves to Reassert Control After Ceasefire
U.S. Shutdown Threatens to Become Longest in History as Trump Pressures Democrats to End Stalemate
Trump, World Leaders Sign Gaza Ceasefire Pact at Egypt Peace Summit
Scores Killed As Pakistan, Taliban Clash In Deadliest Fighting Since Kabul Takeover
Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.

Worthy Christian News