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Thursday, 13 February 2020 19:01

Plunging America Into a Sea of Debt

Written by Donald Lambro
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WASHINGTON - The government’s debt is rising faster than one can say bankruptcy, default, delinquency, insolvency and ruin.

If you don’t believe me, here’s what Phillip Swagel, the director of the Congressional Budget Office, told the House Budget Committee last month:

“As a result of the persistently large deficits, federal debt held by the public is projected to rise to $31.4 trillion at the end of 2030, an amount equal to 98 percent of” our nation’s entire GDP. That means our entire economy.

“At that point, debt would be higher as a percentage of GDP than at any point since just after World War II and more than double what it has averaged over the past 50 years,” he told members of Congress.

But he wasn’t done. “We project that the gap between spending and revenues would continue to widen over the following two decades and that debt would reach 180 percent of GDP by 2050, well above the highest percentage ever recorded in the United States. And it would be headed still higher,” he added.

I know all this sounds kind of crazy. I mean, we send our representatives and senators to Washington to run our government and handle the money we give them each year when we send in our checks to pay our taxes.

Read more at TownHall
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