Photo taken in Athens, Greece
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It is hard to overestimate what a dismal fiscal future the Congressional Budget Office foresees. In its new long-term budget estimate, CBO projects that in just 30 years, the national debt will rise to nearly twice the USs total economic output, from less than 80 percent last year.
As a share of the Gross Domestic Product (GDP), the federal debt already is as high as it was at the peak of World War II. And CBO projects it will roughly double again by 2050. Even worse, its forecast assumes Congress wont enact another large pandemic-related stimulus bill (it probably will), and that it will allow many of the tax cuts in the 2017 Tax Cuts and Jobs Act to expire on schedule in 2025 (it probably wont)…
Read the full article at: https://www.forbes.com/sites/howardgleckman/2020/09/24/cbo-forecasts-the-national-debt-will-be-twice-the-size-of-the-economy-watch-out-for-higher-taxes/