US national debt to double by 2051 – US Congress

The Budget Office of the US Congress has published a report in which it is predicted that the National Debt of the United States will increase by the end of this year, and by 2051 it will almost double again and will reach 202% of GDP.

According to its experts, the US national debt, according to available calculations, should “by the end of 2021 <…> reach the level of 102% of GDP”.

“The debt will reach 107% of GDP (exceeding the historical maximum) in 2031 and will practically double to 202% of GDP by 2051”, – the document says.

“The growing debt burden could increase the risk of a fiscal crisis and rising inflation, as well as undermine confidence in the US dollar, which will make it more costly to finance public and private activities in international markets”, – experts also note.

The growth of the US national debt is due primarily to the emergency spending of the US government to overcome the economic crisis, which was caused by the pandemic provoked by the new coronavirus.

Comments:

comments powered by HyperComments