{"id":39864,"date":"2018-10-29T17:39:55","date_gmt":"2018-10-29T22:39:55","guid":{"rendered":"http:\/\/olduvai.ca\/?p=39864"},"modified":"2018-10-29T17:39:55","modified_gmt":"2018-10-29T22:39:55","slug":"disaster-awaits-national-debt-will-be-6-times-the-size-of-the-economy","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=39864","title":{"rendered":"Disaster Awaits: National Debt Will Be 6 Times The Size Of The Economy"},"content":{"rendered":"

Disaster Awaits: National Debt Will Be 6 Times The Size Of The Economy<\/a><\/h3>\n
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Even without changes to the current spending policy, the government\u2019s spending is on an unsustainable path. By the time a child born in 2018 reaches retirement age, the United States national debt will be six times the size of the economy\u00a0according to an analysis released this week.<\/p>\n

Without making any changes to current policy (in other words, even\u00a0without\u00a0the glut of new entitlement spending\u00a0proposed by some of Bernie Sanders\u2019 acolytes)<\/a>\u00a0that\u2019s the trajectory for the national debt over the rest of the 21st century, according to the Congressional Budget Office (CBO), as reported by Reason<\/em><\/a>. It\u2019s an outlook that the Committee for a Responsible Federal Budget (CRFB), in an\u00a0analysis<\/a>\u00a0released this week, calls \u201cfrightening and almost certainly unsustainable.\u201d<\/p>\n

Under current law\u2014which assumes, among other things, that last year\u2019s tax cuts will expire in 2025 and not be extended\u2014the national debt will double from 78 percent of gross domestic product (GDP) this year to 160 percent of GDP by 2050. It would hit 360 percent of GDP, and still be climbing, by the end of the CBO\u2019s 75-year projection window in 2093. In the so-called \u201calternative fiscal scenario,\u201d which assumes current policies (such those tax cuts) are kept in place, the debt would hit 225 percent of GDP by 2050 and more than 600 percent of GDP by 2093. -Reason<\/em><\/a><\/p><\/blockquote>\n

The CBO\u2019s 75-year budget forecast (its longest of long-term projections) makes it clear that the current budgetary course must change dramatically.\u00a0 The United States simply cannot afford the size of government it has now, let alone the size of government demanded by socialists.\u00a0 The spending must be cut, there\u2019s no other way around it.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n

 <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Disaster Awaits: National Debt Will Be 6 Times The Size Of The Economy Even without changes to the current spending policy, the government\u2019s spending is on an unsustainable path. By the time a child born in 2018 reaches retirement age, the United States national debt will be six times the size of the economy\u00a0according to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1653,22670,1654,22669,195,12584,6489,6490,12110],"class_list":["post-39864","post","type-post","status-publish","format-standard","hentry","category-economics","tag-cbo","tag-committee-for-a-responsible-federal-budget","tag-congressional-budget-office","tag-crfb","tag-debt","tag-government-spending","tag-mac-slavo","tag-shtfplan-com","tag-us-national-debt"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/39864","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=39864"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/39864\/revisions"}],"predecessor-version":[{"id":39865,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/39864\/revisions\/39865"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=39864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=39864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=39864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}