THE NATIONAL DEBT IS OUT OF CONTROL
Written by Peter Boykin on February 19, 2023
Shared By Peter Boykin – American Political Commentator / Citizen Journalist
THE NATIONAL DEBT IS OUT OF CONTROL
The non-partisan Congressional Budget Office (CBO) is warning lawmakers that if they continue on their current path of out-of-control spending, the U.S. will add $19 trillion to our national debt in the next 10 years.
…if that happens, the United States is done.
The exact number the CBO report came up with was $18.8 trillion. That’s almost 20% higher than the agency’s previous forecast in May 2022. CBO Director Phillip Swagel warned:
“Over the long term, our projections suggest that changes in fiscal policy must be made to address the rising costs of interest and mitigate other adverse consequences of high and rising debt.”
In 2022, the Federal Reserve raised interest rates from under 1% to nearly 5% in order to battle inflation.
That means we’re paying 5x in interest on the new debt we take on.
The United States is currently sitting on a $31 trillion mountain of debt. This estimate would put us at $50 trillion dollars in debt. At that point, most of our annual budget would be spent just paying the interest on that debt, with little money left to spend on social services, the military, and everything else.
Within the CBO report, they also forecasted:
The U.S. economy will barely grow [0.1%] in 2023 due to inflation
Unemployment will rise above 5% [that means millions will lose their job]
This report comes as Republicans and Democrats are sparring over the debt ceiling – the legal limit that the U.S. can borrow. It’s currently set at $31.4 trillion, which we’re forecast to reach this summer of 2023.
The Republican-controlled House has been very clear that they will not raise the debt limit unless Joe Biden and Democrats agree to reduce spending.
We no longer have the luxury of ignoring this issue. Lawmakers need to get this done. I’m glad the GOP-controlled House is finally forcing the issue. Let’s keep the heat on them and make sure they follow through.
[Source: NY Post, Axios]
https://www.axios.com/2023/02/15/cbo-deficit-debt-ceiling-2023
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