Clearly, America needs a dynamic new economic acceleration plan that will get us back on a ‘sustainable fiscal path.’ There is just such a plan, loaded up and ready to launch….
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The Federal Government Is on an Unsustainable Fiscal Path
U.S. Government Accountability Office (GAO) WatchBlog | March 12, 2020
Excerpts:
Growing debt is not just a number—it represents a threat to our economy and our ability to meet national needs and priorities.
The federal deficit (the amount of money spent vs. the amount collected) increased for the fourth consecutive year. This year—and for the foreseeable future—the annual deficit is expected to top $1 trillion. At the same time, the federal government is highly leveraged by debt, which further strains the nation’s fiscal condition.
By the Numbers: A Trillion Dollar World
- Debt held by the public increased to $16.8 trillion in FY 2019 (or 79% of GDP)—up from $15.8 trillion (or 77% of GDP) at the end of FY 2018. This means that the value of debt was equal to 79% of the value of all goods and services produced in the U.S. in FY 2019. Long-term projections show continuing increases with debt held by the public growing faster than the economy. This situation—in which debt grows faster than GDP—means the current federal path is unsustainable. To change course, the nation will have to balance short-term priorities with a forward-looking plan for fiscal sustainability
- To put these numbers in perspective, debt held by the public as a share of GDP peaked at 106% just after World War II (in 1946) and has averaged 46% since. However, if current trends continue, the debt as a share of GDP in 2050 will be nearly twice that level and about 4 times the post-World War II average.
- Social Security spending already exceeds $1 trillion per year; Medicare spending is expected to exceed $1 trillion per year by 2026. By 2032, net interest will exceed $1 trillion per year.
- Over the past 50 years, net interest costs have averaged 2% of GDP, but they are projected to increase to 7.2% of GDP by 2049.
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