The Federal deficit is $34 trillion and currently growing at a rate of $1.7 trillion per year. We are spending over 23% of GDP and only taking in revenue of 19%. The debt continues to grow regardless of which political party is in power.
The Congressional Budget Office forecasts that without action, annual federal spending will grow from 23% to 30% of GDP by 2050 while revenue stays about the same at 19%. Current interest spending is about $800 billion — almost as much as the defense budget.
Spending on interest will exceed all other budget categories in 30 years. Social Security Trust Funds will be insolvent in about 10 years. We are on an unsustainable path to say the least.
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