Everybody wants to grow the economy faster, and with good reason. In addition to improving incomes for Americans, more growth will also help fix the debt. However, some politicians are making unrealistic promises about how much growth can be achieved.
We have the official forecast of what the national debt will look like in the years to come if we don’t fix the debt, and it is dire. While the prospect of debt growing indefinitely from already historical highs is cause enough for concern, the outlook is even more daunting when we put the numbers in human terms.
High and rising national debt is getting increased scrutiny. Here’s why you should be paying attention.
Washington faces a packed agenda aimed at growing the economy, with important areas such as health care and tax reform on the table. At the same time, the new administration and Congress face historically high and rising national debt. That’s why we published a timely guide for reducing the debt while growing the economy.
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.
National Debt and You