U.S. National debt at highest level since after WWII
 

National debt at highest level since after WWII

Despite President Trump's declaration that he would eliminate the national debt over eight years, the debt-to-Gross Domestic Product ratio has reached its highest level since after World War II, according to a new report from the Congressional Budget Office (CBO). And if current law and spending levels remain unchanged, national debt will be nearly the size of the economy by 2028.

"At 78 percent of gross domestic product, federal debt held by the public is now at its highest level since shortly after World War II," the CBO found. "If current laws generally remained unchanged, the Congressional Budget Office projects, growing budget deficits would boost that debt sharply over the next 30 years; it would approach 100 percent of GDP by the end of the next decade and 152 percent by 2048. That amount would be the highest in the nation's history by far."

The new report to Congress paints a grim fiscal outlook for the next three decades, blaming sharp increases in net interest costs, Social Security and Medicare spending, and generally flat revenues over the next few years. In a nutshell, according to the CBO, spending is growing rapidly year over year — and revenues and even the growth of the economy just aren't keeping up with the pace.

In April 2017, Mr. Trump told the Washington Post he intended to eliminate the national debt "over a period of eight years." But his administration's push for tax cuts, combined with significant spending increases passed by Congress and signed into law by the president on top of already increasing non-discretionary spending, have driven the debt up, not pulled it down. The national debt topped $21 trillion for the first time in U.S. history earlier this year.

Republicans railed against the national debt during the Obama administration, when it nearly doubled from $10.6 trillion to $19.9 trillion. But Republicans — with few exceptions — have been more muted about the debt under Mr. Trump. Earlier this year, Kentucky GOP Sen. Rand Paul temporarily held up a spending bill on the Senate floor, blasting Republicans for approving of the spending levels they criticized under Obama.


"I ran for office because I was critical of President Obama's trillion-dollar deficits," Paul said at the time. "Now we have Republicans hand-in-hand with Democrats offering us trillion-dollar deficits."

The "burgeoning" federal debt in the decades ahead will result in reduced national savings and income in the long run, increase pressure on the rest of the budget due to growing interest costs, limit lawmakers' ability to respond to unplanned events, and increase the chances of a major fiscal crisis, according to the CBO.

It's just stunning.

When Obama was in office, Republicans complained constantly about the deficit. Now they don't care.

When Obama was in office, Republicans bitched constantly about the economy. Suddenly Trump is in office and it's perfect although nothing changed.

Trump supporters will support him no matter what. He gives them permission to publicly hate & discriminate.

Seems ignorant to bitch about what the Republicans did when Obama was in office when you're doing the exact same thing now with a Republican in office. Although, I'm sure you're going to tell me how it's different now.

be patient - the dow already lost a lot from the little 3,5 billion tariffs from the EU. sunday canada will putt another 10 billion on top of that and soon china will add the first 50 billion on that.

if that´s not enough there are another 300 billion to go and the world will have open doors for all american companies who want to produce in freedom and assurance that what is said today still applies tomorrow.

the first tariffs you see now are just effecting companies in states with republican majority. more will follow.
so yes - this time the world will influence the next us elections but not in a hidden way.

let´s see how much the republicans will love and bolster up a president who is the reason for loosing their seats.

it is so fucking funny to watch that.

Leftists can't operate without hypocrisy and double standards on account of their worldview being preposterous.

exact same thing ????

lending money in a WORLDWIDE ECONOMIC CRISIS is not the same as lending money in a healthy economy.

do you know about this difference ?????

what are your arguments ??

do you have some ?

Seems ignorant to claim Obama did the same thing when he actually reduced the deficit.


https://i.ytimg.com/vi/g5AYgH9Akuw/maxresdefault.jpg


https://obamawhitehouse.archives.gov...es/deficit.jpg

Absolutely

Looks like my point went over both of your heads, reread what I wrote. My point had nothing to do with the differences between Obama and Trump, but more so the hypercriticism against the other party's president and the blind eye when your party has the office.

what blind eye you are talking about?

let´s talk about facts only.

obama was FORCED to lend money. the FED bought shares for billions every month. where do you think did this money come from?

but as soon the crisis was over he stepped back and tried to reduce the deficit.

now you clowns are telling us that since trump the economy is booming and still the debts are rising faster than in the crisis.
find the mistake!!!

My comment was directed at Rochard and had nothing to do with what you are talking about. You aren't even a US voter, so none of what I said even applied to you.

For some reason he thinks his opinion matters; we know it doesn't.

↑↑↑ Fagdog posting drunk on a Friday night again :2 cents: