The US debt Detrimental Effect On It’s Economy
The US debt has recorded has sky rocketed by more than more trillions in less than a month, which is attributed that the total sum is compared to the GDP of three countries combined namely Finland, Grace, Hong Kong.
The US congress is projecting that over few decades from now that the country’s debt will skyrocket, in last month long term budget outlook report the Congressional Budget Office says that the federal debt will defiantly outrun the country’s GDP - “By the end of 2023, federal debt held by the public equals 98% of GDP. Debt then rises in relation to GDP: it surpasses its historical high in 2029, when it reaches 107% of GDP and climbs to 181% of GDP by 2053.”
The CBO is say that the current deficit will put more pressure on the country’s economy - “Such high and rising debt would slow economic growth, push up interest payments to foreign holders of US debt, and pose significant risks to the fiscal and economic outlook; it could also cause lawmakers to feel more constrained in their policy choices.”
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