U.S. Debt on Pace to Top $54 Trillion Over Next 10 Years – MSN/NY Times, 2024/02/07
The United States is on a pace to add nearly $19 trillion to its national debt over the next decade as the mounting costs of an aging population and higher interest expenses continue to weigh on the nation’s fiscal outlook, the nonpartisan Congressional Budget Office said on Wednesday.
An aging population? The population is always aging. If anything we have a ton of illegal migrants that Democrats are trying their best to integrate and keep them here.
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The projections for the nation’s finances come as Congress faces another deadline next month to agree on federal spending legislation to keep the government running. Lawmakers are also engaged in a heated debate over providing more aid to Ukraine and Israel and whether to expand the child tax credit and restore expired business tax breaks.The budget office projected that the annual deficit will grow to $2.6 trillion in 2034 from $1.6 trillion this year, adding $18.9 trillion to the national debt during the decade. By then, the debt is projected to surpass $54 trillion.
Interest rates have surged to two-decade highs over the past year, making borrowing costs an increasingly significant contributor to the national debt.
From 2024 to 2034, the United States will spend more than $12 trillion alone on interest costs. Starting next year, net interest costs will be larger as a share of the U.S. economy than at any time since the federal government started keeping records in 1940, according to the budget office.
Ultimately, no one knows what the future will be. The best practice is to plan to balance the books every year. Of course the debt rise when balancing the books is NEVER practiced.