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The Congressional Budget Office (CBO) warns on the perils of U. S. debt!

“In this July 16, 2019, file photo an American flag flies on the Capitol Dome in Washington. The U.S. budget deficit climbed to $2.81 trillion in the first 10 months of the budget year, exceeding any on record, the Treasury Department said Wednesday, Aug. 12, 2020. Credit: AP Photo/Carolyn Kaster, File

“U.S. government debt will nearly equal the size of the entire economy for first time since World War II, CBO finds”

  • Editor’s note: If anyone thinks they are better off under Trump, they have not considered the massive debt burden he has placed on their children, grand-children and beyond! And a massive Depression is not out of the question yet, either.
  • While the debt has grown from the pandemic, Trump’s debt prior to the virus was also of record and historical proportions!
  • These are facts Trump supporters can not deny!

“For the first time since World War II, the U.S. government’s debt will roughly equal the size of the entire American economy by the end of this year, the nonpartisan Congressional Budget Office said Wednesday.”

“The rapid change is largely due to the surge in new spending that the government authorized as it tried to control the economic impact of the coronavirus pandemic.

“By the end of 2020, the amount of debt owed by the United States will amount to 98 percent of the nation’s gross domestic product, the CBO said. That is up from 79 percent last year. Total government debt will surpass the U.S. economy’s size next year, the CBO said,” by Jeff Stein, The Washington Post. Read more

Posted by Steve on September 9, 2020 at 12:46 pm | Permalink

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One comment

  1. Might this be the precursor of Bankruptcy and elimination of the Fed?

    Comment by Carlos Perez on September 9, 2020 at 8:07 pm

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