Featured Stories World News Commentary Money Watch Multimedia Prison Planet U.S. News Science And Technology

Dire CBO report projects US debt will be double GDP by 2037

  • Print The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

Erik Wasson
The Hill
June 5, 2012

U.S. debt is on track to be nearly twice the size of the U.S. economy by 2037, the nonpartisan Congressional Budget Office (CBO) warned Tuesday.

The new CBO report warns that increased entitlement spending driven by the retirement of the baby boomers and insufficient revenue is making the long-term outlook for the national debt increasingly dire.

Under CBO’s most likely scenario, in which lawmakers extend current tax rates and fail to curb entitlement spending, debt held by the public would reach 109 percent of the economy by 2026, and it would be almost 200 percent of GDP by 2037.

Many economists have warned that if debt held by the public approaches 100 percent of GDP, it can bring on the kind of fiscal crisis being felt in European countries today, in which governments must suddenly slash spending and lay off workers in the face of rising interest rates caused by spooked investors.

Full article here

This article was posted: Tuesday, June 5, 2012 at 8:14 am





Infowars.com Videos:

Comment on this article

Comments are closed.

Watch the News

FEATURED VIDEOS
James Foley Beheading: What They're Not Telling You See the rest on the Alex Jones YouTube channel.

CDC Reports On Safety Breach with Bird Flu Virus See the rest on the Alex Jones YouTube channel.

© 2013 PrisonPlanet.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.