Federal debt projected to reach 28 Trillion by 2029

I've never been much of a deficit hawk, but this is crazy:

According to the Congressional Budget Office, the federal government — aka U.S. taxpayers — will spend $455 billion on interest next year. By 2029, that figure is projected to rise to $921 billion.

Beginning next year, he said, the federal government will spend more on interest than it will on programs affecting children. By 2025, he said, taxpayers will pay more on interest than they do on national defense. “Our budget will be spending more on our past than we do on our future,” Peterson said. “That’s a stark reminder of what we’re leaving our children here.”

Reaganomics was bad enough, when excessive tax cuts for the wealthy ended up with Social Security recipients paying fricking tax on their own retirement money. But Trumpism has broke the mold, and we will look back on the $1.5 Trillion tax giveaway as the epitome of ignorance by the time 2030 hits. And before you say, "they always do it," take a look at the late 1990's:

It’s a far cry from 1997, when a Republican Congress and a Democratic president pushed the landmark agreement to balance the budget within a year and continued to do so through 2001 — the last time in U.S. history the federal government didn’t spend more than it was taking in.

The debt has now eclipsed GDP, and has risen farther and faster than any time since WWII:

The U.S. government's public debt is now more than $22 trillion — the highest it has ever been. The Treasury Department data comes as tax revenue has fallen and federal spending continues to rise. The new debt level reflects a rise of more than $2 trillion from the day President Trump took office in 2017.

Despite being in the second-longest economic expansion since the post–World War II boom, the U.S. is projected to rack up annual deficits and incur national debt at rates not seen since the 1940s, according to the Congressional Budget Office.

Over the next 10 years, annual federal deficits — when Congress spends more than it takes in through tax revenues — are expected to average $1.2 trillion, which would be 4.4 percent of gross domestic product. That's far higher than the 2.9 percent of GDP that has been the average for the past 50 years.

It's plain to me the Republican Party has lost whatever credibility it had about curbing deficit spending. No doubt if a Democrat bumps Trump out of the Oval Office next year (please, god), all-of-a-sudden it will become important again to them. But honestly, somebody needs to start working on this now. Maybe it should be part of the Dem debates?

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Comments

I was totally serious about that debate comment

What America needs now possibly more than anything is to have adults in the room. Defense spending is out of control; we spend more than the next seven (7) countries combined. Hell, we could cut our defense spending in half and still be the top spender. Crazy.