U.S. Debt on Pace to Top $56 Trillion Over Next 10 Years; do you understand the implications of this?
‘The United States is on pace to add trillions of dollars to its national debt over the next decade, borrowing money more quickly than previously expected, at a time when big legislative fights loom over taxes and spending.
The Congressional Budget Office said on Tuesday that the U.S. national debt is poised to top $56 trillion by 2034, as rising spending and interest expenses outpace tax revenues. The mounting costs of Social Security and Medicare continue to weigh on the nation’s finances, along with rising interest rates, which have made it more costly for the federal government to borrow huge sums of money.’
As a result, the United States is expected to continue running large budget deficits, which is the gap between what America spends and what it receives through taxes and other revenue. The budget deficit in 2024 is projected to be $1.9 trillion, up from a forecast earlier this year of $1.6 trillion. Over the next 10 years, the annual deficit is projected to swell to $2.9 trillion by 2034. As a share of the economy, debt held by the public in 2034 will be 122 percent of gross domestic product, up from 99 percent in 2024.
The new projections come as lawmakers are gearing up for a big tax and spending battle. Most of the 2017 Trump tax cuts will expire in 2025, forcing lawmakers to decide whether to renew them and, if so, how to pay for them. The United States will also once again have to deal with a statutory cap on how much it can borrow. Congress agreed last year to suspend the debt limit and allow the federal government to keep borrowing until next January.’
Time to cut up the government credit card, close up universities, outlaw funding of DEI, detach totally from the globalists one-world government plan... U.N., WHO, WEF and the rest of the money suckers, forgo the funding of the military industrial complex and the owners of it (global elites), and make the sale of illicit drugs a capital offence. Make respecting the Sabbath mandatory, as well as 2 years of mandatory military training and public service, after which the graduates have the choice of which jobs they want, and those who fail to perform are assigned the rest of the job openings on a descending scale. Merit based promotions and hiring only. No publicly funded jobs for any who cannot figure out if they are male or female. Bonuses for those who choose a healthy life style, marriage and children born of the union. Seize the assets of ALL those who have been robbing the public purse for so long, and jail them for life, ESPECIALLY MEMBERS OF CONGRESS. Use Dr. John Coleman's book "CONSPIRATORS HIERARCHY, The story of the 300" as a reference guide on who to arrest and strip of assets. Any national debt noted to be payable to any of the banks or organizations listed in Coleman's book should be dismissed as paid, the bank dissolved and the principle officers of the organization hung. Did I mention clearing out the Justice department and the alphabets? Yea...goodbye debt, hello freedom...p.s. deport 'ARNIE' for his 'f.... your fweedom' comments, and apply his assets funding some teachers who are not preoccupied with crotch-sniffing, and incidentally actually can teach math, science, English and ECONOMICS.
Oh please. We may not even be around in 10 years…and if we are there will be an entirely new financial system..worrying about this is a waste of time.