CBO says government debt is on track to reach highest ratio since 1950. Thanks Trump.

By | 2018-06-28T06:17:58+00:00 June 27th, 2018|Categories: News|Tags: , , , , , |3 Comments

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. 

About the Author:

This blog is dedicated to finding the truth, exposing the lies, and holding our politicians and leaders accountable when they fall far short of the promises that they have made to both my fellow Alaskans and the American people.

3 Comments

  1. Gindy51 June 28, 2018 at 4:10 am

    He’s only running the US like he did his bankrupt businesses… on debt. Leverage is how he got his “fortune” and the loans from Russians via money laundering is how he stayed out of business jail. There will be no loans from Russians or Chinese to help the US out.

    • anonymous June 28, 2018 at 8:21 am

      lev·er·age
      ‘noun
      1. the exertion of force by means of a lever or an object used in the manner of a lever.

      synonyms: grip, purchase, hold; support, ANCHORAGE, force, strength

      2. FINANCE
      the ratio of a company’s loan capital (debt) to the value of its common stock (equity).

      verb:
      1. use borrowed capital for (an investment), expecting the profits made to be greater than the interest payable.

      2. use (something) to maximum advantage.’

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