FORWARD! CBO: Debt headed to 103% of GDP

[Newt]

CBO: Debt headed to 103% of GDP
(Posted on 7/11/15 at 4:15 am)
51
Not since WWII have we seen this !

quote:
the current run toward unprecedented debt is based on projected increases in mandatory federal spending for entitlement programs. These include Social Security, Medicare, Medicaid and Obamacare subsidies.

http://cnsnews.com/news/article/terence ... ct-whether

(CNSNews.com) - Testifying in the U.S Senate yesterday, Congressional Budget Office Director Keith Hall warned that the publicly held debt of the U.S. government, when measured as a percentage of Gross Domestic Product, is headed toward a level the United States has seen only once in its history—at the end of World War II.

To simply contain the debt at the high historical level where it currently sits—74 percent of GDP--would require either significant increases in federal tax revenue or decreases in non-interest federal spending (or a combination of the two).

Historically, U.S. government debt held by the public, measured as a percentage of GDP, hit its peak in 1945 and 1946, when it was 104 percent and 106 percent of GDP respectively.

In 2015, the CBO estimates that the U.S. government debt held by the public will be 74 percent of GDP. That is higher than the 69-percent-of-GDP debt the U.S. government had in 1943—the second year after Pearl Harbor.

By 2039, CBO projects, the debt held by the public will increase to 101 percent of GDP and by 2040 to 103 percent GDP. At that point, Hall told the Senate Homeland Security and Governmental Affairs Committee, the “debt would still be on an upward path relative to the size of the economy.”

[Mr.Glock]

Greece on steroids. Lord help us.I guess all those "crazy preppers " aren't that crazy.

[Alabama John]

Tell me who we owe that doesn't owe us just as much or more? If I was told to write a check today for our debt, who would get it?

Its all BS and politics.

Like the ads on TV telling us to buy Gold or Silver as its going up fast. If so, why would anyone be selling it? It would be stupid to not keep it themselves and watch it rise.

Remember Gold and silver after a while will fall even faster than it rose.Its an old game to sell high and buy back cheap. Been done by those in the know fear mongers to the unsuspecting for thousands of years. Used to be done with wheat too.