Nonsequitur: US Debt Growing and Growing
July 17, 2014
It got almost zero press coverage, but the CBO has released The 2014 Long Term Budget Outlook. It isn’t pretty.
The total amount of federal debt held by the public is now equivalent to about 74 percent of the economy’s annual output, or gross domestic product (GDP)—a higher percentage than at any point in U.S. history except a brief period around World War II and almost twice the percentage at the end of 2008 … Twenty-five years from now, in 2039, federal debt held by the public would exceed 100 percent of GDP, CBO projects. Moreover, debt would be on an upward path relative to the size of the economy, a trend that could not be sustained indefinitely.”
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