Been a lot of warnings about this, but this train wreck continues to play out in slow motion right in front of us. Because we continue spending beyond our means, the interest we'll pay on the debt will continue to increase over the coming years. it will eventually overwhelm federal finances and require either steep cuts in government spending or huge tax increases. More than likely a combination of both.
As our debt grows, so will the interest rate lenders charge us. Or, the Fed will just print the money, which leads to inflation and then higher rates to try and control it. Either way, a lot of pain in front of us and we continue to whistle past the graveyard as if it's a fairy tale that will never come true.
And this doesn't even consider the expected shortfalls in Social Security and Medicare which will become an urgent issue within the next decade also.
This forecast is from the non partisan Congressional Budget Office (CBO), so it's about as objective an assessment as you can get from the government.
https://www.foxbusiness.com/politics/cbo-report-says-us-deficit-will-skyrocket-next-decade
As our debt grows, so will the interest rate lenders charge us. Or, the Fed will just print the money, which leads to inflation and then higher rates to try and control it. Either way, a lot of pain in front of us and we continue to whistle past the graveyard as if it's a fairy tale that will never come true.
And this doesn't even consider the expected shortfalls in Social Security and Medicare which will become an urgent issue within the next decade also.
This forecast is from the non partisan Congressional Budget Office (CBO), so it's about as objective an assessment as you can get from the government.
Quote:
The nonpartisan Congressional Budget Office (CBO) on Wednesday released a report projecting that federal budget deficits will skyrocket to well over $2 trillion per year in the next decade.
The baseline in the CBO's annual budget and economic outlook covers the 2024 to 2034 period and projects that the budget deficit will rise from about $1.6 trillion in 2024 to $2.6 trillion in 2034, with deficits topping $2 trillion each year after 2031.
https://www.foxbusiness.com/politics/cbo-report-says-us-deficit-will-skyrocket-next-decade
