The federal debt is projected to rise to a record 202% of gross domestic product by 2051, the Congressional Budget Office said
The U.S. economy is projected to grow 1.8% a year during the next three decades, the nonpartisan agency CBO said, raising its forecast to reflect a smaller-than-anticipated impact from the coronavirus pandemic.
Updated March 4, 2021 4:28 pm ETThe federal debt is projected to almost double to 202% of gross domestic product by 2051, the Congressional Budget Office said Thursday, reflecting rising costs for healthcare and debt service.The U.S. economy is projected to grow 1.8% a year during the next three decades, up from the 1.6% forecast the nonpartisan agency
made in September, as the CBO now expects a smaller impact from the coronavirus pandemic. Growth averaged 3.1% a year from 1951 through 2020, the CBO said.The federal debt is projected to be 102% of the gross domestic product in 2021. It has exceeded that level only twice before in U.S. history, in 1945 and 1946, following a surge in federal spending as a result of World War II.Read more: The Wall Street Journal »
Protesters clash with police after officer fatally shoots driver during traffic stop
A police officer shot and killed a driver during a traffic stop in Brooklyn Center, Minnesota, on Sunday afternoon, authorities said.
InsulaeW How much of that is due to the 2017 tax cut that did not pay for itself? orangepillpod You mean by 2021? if we avoid wars and avoid spending money on weapons and bombs, we could lower taxes, increase the minimum wage of workers and also reduce the national debt Maybe they should start a gofundme.
The federal debt has been part of the GQP fear mongering con since Clinton was elected (if not before). I’ll care about it after the GQP puts up a viable plan on how the rich are going to help solve it. Until then it doesn’t matter one bit. That seems perfectly sustainable 🙃 I wonder why people buy BTC🤔🤔
2051? More like 2031 lol This is meaningless Healthcare? Get rid of the profit on it R.I.P my portfolio orangepillpod Buy bitcoin 2051? You think these silly monkeys are going to make it until then? If we taxed churches this would not be true. If we go a few terms without a Republican president, we can eliminate the deficit and start reducing the debt significantly! BarackObama cut the deficit by 3/4! Then Trump came is blew it out of the park...
Well this is what happens when you let private sector run rampant with the fed as a credit card maybe take back that 2017 tax bill? I just moved to your city, who wouldn't mind showing me interesting places? But JPow says inflation is too low. Now we’ve done it. This is going to be soooooo bad!!!! The U.S. is doomed. The U.S. owed 'Communist' China more than $1 trillion. China will soon stop paying to keep the U.S. alive. The U.S. has a ratio federal debt to GDP of almost 150%. It is broke and broken. The U.S. has nothing to stop 'communist' China's diktat.
When does the world end according to the CBO? Weren't those tax cuts supposed to pay for themselves? Asking for a friend? Unsustainable! Lets do another 2T tax cut for the top 1% and let all that wealth and all those jobs trickle on down. Lol Google Randall WRay He worked in the Congressional budget office and he can explain and disadvalue of all the propaganda you're trying to shove down others mouths
‘17 GOP Tax Cut for the 1% & corporations didn’t create jobs, boost wages or long term growth. Did add trillions to the debt. All of a sudden GOP & right-leaning WSJ editorial board are deficit hawks? What an utter joke. Return of the Phony Deficit Hawks. I did my research and I must confess, no one handles business like you do sir gigsfrid it my privilege to work with you.
Budget politics are a failure Go abroad to the Arab world To obtain bonds to avoid a debt problem At what point could the country technically be called insolvent? Republicans Trumps tax cut for the rich cost 2 trillion+ .Biden needs to undo it asap and increase taxes on the wealthy to get that money back.
I guess when u give enormous tax relief 2 business, wealthy people & thousands of Americans out of work this was bound 2 happen. “The national debt has risen by almost $7.8 trillion during Trump’s time in office...Economists agree that we needed massive deficit spending during the COVID19 crisis to ward off an economic cataclysm, but federal finances under Trump had become dire even before the pandemic.”
I’m so stupid for paying taxes. So massive tax cuts and trillion dollar deficits in peacetime is bad? Funny how these articles don’t make the cut during GOP fiscal reigns of terror. Currently,HumanitarianAssistance has increased to cover 3.8 million beneficiaries with 780,534.6 quintals of Food items distributed by the Federal Government. So far, it has spent Birr 1.87 billion on humanitarian aid in Tigray, reallocating spending to other budget priorities
What did people think would happen with Trump/Republican giant tax cut for the rich? Did you think they were going to cut back on spending? 😂 thanks for this news Nice at least we’re doing something with the debt. This is just idiotic.