The American public will hold 149% of GDP in debt in 2049 ... well over levels seen during World War II, the CBO says
The fiscal health of the United States is projected to deteriorate as the aging of the population pushes up spending on Social Security and Medicare, according to a new estimate released Tuesday.
The CBO estimates assume that potential GDP growth would average 1.9% over the next 30 years, mostly because the labor force is expected to grow slowly. By 2049, about 87% of the population growth is expected to come from immigration. If Congress took the draconian step of limiting future Social Security benefits to the revenue from the Social Security trust fund, debt would still climb to 106% of GDP.
That decline is because of smaller appropriations for relief and recovery efforts related to hurricanes and wildfires — which then get projected over the long term — and because of a downward revision of average interest rates.
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