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

Christian Father Murdered In Pakistan
Trump Embarks on Middle East Peace Tour Amid Divisions in Israel
U.S. to Host Qatari F-15 Pilots and Jets at Idaho Air Base in Deepening Defense Partnership
$4.5b Awarded In New Contracts To Build Smart Wall Along Southwest Border
Trump Says New 100% Tariff On China As Trade War Escalates
France’s Macron Reappoints Lecornu As Premier Amid Political Turmoil
Hamas To Release Hostages On Monday As Part Of Peace Deal
Ukraine’s Power Grid Hit As Moscow Warns Against U.S. Missiles (Worthy News Radio)
Madagascar’s President Says Coup Attempt Underway As Soldiers Join Protests
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