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Politics : View from the Center and Left
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From: zax8/12/2018 9:30:06 AM
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Stealing from our children to finance tax cuts for big corporations and the rich. That's the GOP way.

National debt at highest level since after WWII

cbsnews.com

Despite President Trump's declaration that he would eliminate the national debt over eight years, the debt-to-Gross Domestic Product ratio has reached its highest level since after World War II, according to a new report from the Congressional Budget Office (CBO). And if current law and spending levels remain unchanged, national debt will be nearly the size of the economy by 2028.

"At 78 percent of gross domestic product, federal debt held by the public is now at its highest level since shortly after World War II," the CBO found. "If current laws generally remained unchanged, the Congressional Budget Office projects, growing budget deficits would boost that debt sharply over the next 30 years; it would approach 100 percent of GDP by the end of the next decade and 152 percent by 2048. That amount would be the highest in the nation's history by far."

The new report to Congress paints a grim fiscal outlook for the next three decades, blaming sharp increases in net interest costs, Social Security and Medicare spending, and generally flat revenues over the next few years. In a nutshell, according to the CBO, spending is growing rapidly year over year — and revenues and even the growth of the economy just aren't keeping up with the pace.

</snip> Read the rest here: cbsnews.com
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