The national debt continues to grow at an unsustainable rate.
Over the next decade, debt will grow by another 14 percentage points of GDP, and within 15 years, the national debt will be larger than the economy.
The main drivers of the national debt continue to be Social Security, Medicare, and Medicaid spending.
In just 22 years, entitlement spending combined with interest on the national debt will consume all federal revenues.
There's no doubt that entitlement reform is the key to shrinking the national debt and creating a healthy, sustainable budget.
In its alternative fiscal scenario, the Congressional Budget Office estimates that if Social Security benefit payments were limited to the amount of revenue that the trust funds receive each year, the national debt would be 38% of GDP lower than the baseline projections in 2049.
Once the debt stabilizes, the amount of the budget dedicated to interest payments on the debt would decline as well.
https://www.dailysignal.com/2019/06/25/4-takeaways-from-a-new-report-on-the-national-debt/
Over the next decade, debt will grow by another 14 percentage points of GDP, and within 15 years, the national debt will be larger than the economy.
The main drivers of the national debt continue to be Social Security, Medicare, and Medicaid spending.
In just 22 years, entitlement spending combined with interest on the national debt will consume all federal revenues.
There's no doubt that entitlement reform is the key to shrinking the national debt and creating a healthy, sustainable budget.
In its alternative fiscal scenario, the Congressional Budget Office estimates that if Social Security benefit payments were limited to the amount of revenue that the trust funds receive each year, the national debt would be 38% of GDP lower than the baseline projections in 2049.
Once the debt stabilizes, the amount of the budget dedicated to interest payments on the debt would decline as well.
https://www.dailysignal.com/2019/06/25/4-takeaways-from-a-new-report-on-the-national-debt/
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