(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…) ]
10
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. 🙌
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 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.