US Public Debt Is Projected To Reach 181% Of American Economic Activity In 30 Years
June 28, 2023 1:19PM PDT
Credit: MGN
WASHINGTON (AP) — The Congressional Budget Office is giving the world a concerning look at the U.S. government’s ledgers.
And it’s a picture of ever higher deficits, greater government spending and tax revenues that only begin to increase when existing tax cuts expire.
The nonpartisan agency estimates in its latest 30-year outlook that publicly held debt will be equal to a record 181% of American economic activity by 2053.
That compares with a projected 98% at the end of this budget year.
It’s a sign that the government is getting more dependent on debt to pay for Social Security, Medicare, the military, infrastructure and an array of programs that benefit millions of households.
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