https://sputnikglobe.com/20240216/soaring-us-national-debt-to-reach-double-annual-gdp-by-2050-1116810146.html
Soaring US National Debt to Reach Double Annual GDP by 2050
Soaring US National Debt to Reach Double Annual GDP by 2050
Sputnik International
US national debt will double annual Gross Domestic Product (GDP) in a quarter century and will grow faster than the domestic economy, driven by huge and growing Medicare and Social Security deficits, the Government Accountability Office (GAO) warned in a new report.
2024-02-16T00:24+0000
2024-02-16T00:24+0000
2024-02-16T00:24+0000
economy
national debt
us budget
us
us government accountability office (gao)
us economy
debt
bidenomics
https://cdn1.img.sputnikglobe.com/img/07e8/02/10/1116810290_0:183:1836:1216_1920x0_80_0_0_3d7678f5db5156e65c1fbd689d5034f7.jpg
"The federal government faces an unsustainable long-term fiscal path that poses serious economic, security, and social challenges if not addressed," the report said on Thursday. The government's accumulated debt is projected to grow faster than the entire economy, reaching 200% of GDP by 2050 if revenue and spending policies are unchanged, the report states. Government interest spending as a share of GDP will reach an all-time high by 2030, in part due to rising interest rates, the report added.
https://sputnikglobe.com/20240207/us-debt-set-to-increase-to-record-116-of-gdp-by-end-of-2034-1116650861.html
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
2024
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
News
en_EN
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
national debt, us national debt, us budget, us debt, us economy, budget cuts, bidenomics
national debt, us national debt, us budget, us debt, us economy, budget cuts, bidenomics
Soaring US National Debt to Reach Double Annual GDP by 2050
WASHINGTON (Sputnik) - US national debt will double annual Gross Domestic Product (GDP) in a quarter century and will grow faster than the domestic economy, driven by huge and growing Medicare and Social Security deficits, the Government Accountability Office (GAO) warned in a new report.
"The federal government faces an unsustainable long-term fiscal path that poses serious economic, security, and social challenges if not addressed," the report said on Thursday.
The government's accumulated debt is projected to grow faster than the entire economy, reaching 200% of GDP by 2050 if revenue and spending policies are unchanged, the report states.
"Large budget deficits drive the growing debt, as Medicare and Social Security spending outpace revenue," the GAO said.
Government interest spending as a share of GDP will reach an all-time high by 2030, in part due to rising interest rates, the report added.
