Posted 4/1/2024, 11:35:55 AM
National Debt Projected to Balloon, Risking Economic Crisis Unless Action is Taken Soon, Report Warns
- National debt projected to reach $141 trillion by 2054, representing 166% of GDP, according to Congressional Budget Office report
- Growing debt expected to slow economic growth, increase interest payments, and pose fiscal risks
- Economist Joao Gomes warns of impending "fiscal crisis" that could cause interest rates to spike and erode confidence in the US dollar
- Gomes says crisis can be averted with $400 billion fiscal adjustment over 2-3 years, but action needed soon
- Some economists optimistic that debt not an issue if invested to boost productivity and economic growth
