Courtesy of Wapo:
Government debt is on track to hit historically high levels and at its current growth rate will be nearly equal in size to the U.S. economy by 2028, the Congressional Budget Office said Tuesday.
By the end of this year, the ratio of federal debt to the United States’ gross domestic product will reach 78 percent, according to the CBO, the highest ratio since 1950.
The debt is projected to grow to 96 percent of GDP by 2028 before eventually surpassing the historical high of 106 percent it reached in 1946.
Currently, the federal government’s debt burden is about $15 trillion, according to Marc Goldwein, senior vice president of the Committee for a Responsible Federal Budget, a nonpartisan think tank.
The CBO projects the Republican tax law passed last fall will add $1.84 trillion to the federal deficit over the next 10 years. Republican leaders have argued the cuts will jump-start the economy, creating enough economic growth to offset much of the additions to the debt. But CBO and other nonpartisan analysts have repeatedly rejected that claim.
To be clear much of this growth is directly attributable to the choices made by this administration and the Republicans.
Donald Trump came into office bragging about his business acumen and promising that he would get government spending under control.
Gee what a surprise, he lied.