The latest Congressional Budget Office budget and economic outlook estimates show the extent of the challenges of the United States fiscal nightmare.
The CBO expects a budget deficit of $1.9 trillion in 2024, a year of alleged robust economic growth and record tax receipts.
Despite expecting no recession and rising tax revenues from 2024 to 2034, the budget deficit will explode from $1.9 trillion to $2.8 trillion by 2034.
According to the report, debt swells from 2024 to 2034 "As increases in interest costs and mandatory spending outpace decreases in discretionary spending and growth in revenues." Public debt rises from 99 percent of GDP in 2024 to 122 percent in 2034, or $50.6 trillion, to which we must add the public debt held by other entities, including the Fed.
The CBO considers "Debt held by the public" to be $28 trillion in 2024, when public debt is already $34 trillion.
The CBO projections prove without a doubt that there is no way in which the United States could balance the budget through revenue measures.
The current policy of imprudent monetary policy, disguising the rising size of government with inflationary policies, will only lead to stagnation and the loss of world reserve status.
https://mises.org/mises-wire/coming-us-budget-disaster-will-impoverish-americans
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