Opinion: 10 alarming things about the economy that politicians won’t tell you
The Congressional Budget Office reveals shocking forecasts for immigration, debt and spending for the next 30 years
How do you know a politician is lying to you? Simple: His lips are moving.
Yes, it’s an old one — but none the worse for that.
The 2020 election season is getting into full swing. Politicians on all sides are ramping up their rhetoric, including their promises, forecasts and accusations.
But it’s fascinating what you can find out if you just read official documents. Especially some of the fine print.
And here are 10 remarkable forecasts and assumptions that Washington is making and isn’t telling you. These are all contained in the Congressional Budget Office’s most recent Long-Term Budget Outlook, the cornerstone document of government financial and economic planning.
1. We’re going to have a lot more immigrants. A lot. They’re expecting a net 22.5 million more immigrants to come to the U.S. over the next 20 years. By 2049, they’re expecting immigration to account for a stunning 87% of annual population growth.
2. We’re going to have a lot more illegal immigrants. Despite the current bluster and the scandals at the border, the CBO expects we’ll have 2.4 million more illegal immigrants (or “undocumented residents,” or whatever) in 20 years’ time than we have today.
3. We’re going to be up to our eyeballs in debt. The national debt is expected to skyrocket to an “unprecedented” 144% of gross domestic product by 2049, or twice the level today. That would put the debt just under $100 trillion. The figure today: Around $18 trillion. As recently as 2000: $4 trillion. Oh, and this isn’t even the worst-case scenario: The national debt could exceed 200% of GDP in 30 years’ time, the CBO acknowledges.
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