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2020-01-30 23:05:45

US Debt Spiralling Out of Control, Growing by Trillions

Over the next decade, the Congressional Budget Office predicts US government debt will rise to levels not seen since the 1940s. The irresponsible fiscal policy is another example of the current system’s shortcomings when compared to immutable crypto assets.

With the government forecast to spend $1 trillion more than it collects in taxes each year, the institution sees debt held by the public reaching 98 percent of GDP by 2030. Some believe such policies make widespread adoption of a global currency free from government manipulation an inevitability.

US Debt Growing by Trillions

According to a report in the Wall Street Journal, the US government is expected to spend $1.28 for every $1 it takes in taxes over the next year. The Congressional Budget Office (CBO) predicts that the deficit will be at its highest point since 1946 by the decade’s end.

The CBO bases its figures on current spending and levels of taxation. Congressional Republicans are keen to see individual tax cuts extended past 2025. President Trump will also reportedly include further cuts as part of his 2020 reelection campaign. This could mean the debt is actually much larger.

Meanwhile, an ageing population looks set to force increased Medicare and Social Security spending. The CBO Director Phillip Swagel commented on the growing US deficit:
“There’s not a crisis today… The longer we wait, the more difficult it gets.”

 

 

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