That’s ten years from now for you low information Obama voters. So where is the point reached where this all goes south. Math is what it is …
The nonpartisan Congressional Budget Office released an estimate Tuesday saying that by 2023, the federal debt will be $7 trillion larger.
“If current laws remain in place, debt will equal 77 percent of GDP and be on an upward path,” CBO projects.
Based on their modeling, the deficit will total $845 billion in 2013, making it the first year in five years to have a deficit below $1 trillion.
“With such deficits, federal debt would remain above 73 percent of GDP — far higher than the 39 percent average seen over the past four decades,” says the CBO.
Economists commonly recommend that the debt-to-GDP ratio should not exceed 60 percent. It currently exceeds 70 percent.
“The CBO’s report is yet another warning that we need to get spending under control,” House budget committee chair Paul Ryan said last week. “The deficit is still unsustainable. By 2023, our national debt will hit $26 trillion. We can’t let that happen. We need to budget responsibly, so we can keep our commitments and expand opportunity.”
Generally our cost of government has been less than 20% of GPD. So A Debt of 73% of GDP is not imaginable.
“Nevertheless, the unemployment rate is expected to remain above 7½ percent through next year,” making 2014 the sixth consecutive year with unemployment exceeding 7.5 percent — the longest period of extended unemployment in the last 70 years.