America Is Gambling With Its Future
Jul 27th, 2024 | By Dr. Jim EckmanIn late June, the Congressional Budget Office projected that the federal debt will equal 122% of the United States’ annual economic output by 2034, far surpassing the high set in the aftermath of World War II. The deficit will swell to $1.9 trillion this fiscal year and keep growing until the overall national debt hits $50.7 trillion a decade from now. The CBO revised its forecast from four months ago, when it projected that the debt would reach $48.3 trillion in 2034, and 116 percent of economic output. The new figures add to the urgency facing policymakers in 2025. Next year, vast portions of the tax code are set to expire, potentially forcing a steep tax hike on individuals and families. Congress suspended the debt limit in 2023, but that, too, will expire next year, setting up a showdown between the two parties over federal spending.