$100 trillion in new debt over next 30 years: CBO
(Worthy News) – The government has opened the spending spigot over the last year to deal with the coronavirus crisis — but the Congressional Budget Office says unless something changes, Uncle Sam’s freewheeling ways will last long after the pandemic is over.
In a long-term budget report Thursday, the analysts at the government’s official scorekeeper said that by the middle of this century, federal spending will top 30% of gross domestic product, a rate the U.S. has never sustained before.
But taxes won’t keep pace, and 41 cents of every $1 spent will be borrowed in 2050, the CBO said. Debt also will reach deep into unprecedented territory, reaching more than twice the size of GDP, unless something changes. [ Source: Washington Times (Read More…) ]
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