The latest long-term national debt forecast is gloomy. We should be doing something about this dark vision of our future now.
This month saw warnings from three official sources regarding the long-term financial condition of the country.
The new budget numbers predict that the federal budget deficit will hit the $1 trillion mark by 2023 -- a year earlier than expected last year. National debt held by the public will grow from 77 percent today to 89 percent in 2027 -- that is more than twice the 50-year debt average of less than 40 percent.
The latest official budget numbers make two things abundantly clear: the era of declining deficits is over and the long-term national debt is unsustainable.
The long-term budget outlook is bleak unless we change course, according to the new official forecast.