The United States government has taken on an astronomical level of debt since the coronavirus pandemic shut down the world’s largest economy. With former Vice President Joe Biden looking like he will win in November, you can be prepared for even greater spending efforts and budget deficits.
But how bad is it expected to get for the U.S.?
According to the Congressional Budget Office (CBO), the U.S. federal debt held by the public is expected to double over the next 30 years. And these are conservative estimates, too!
Here is a chart:
From the CBO:
“Federal debt held by the public has increased significantly in recent years. At the end of 2007, federal debt was 35 percent of GDP. Deficits arising from the 2007–2009 recession and from policies implemented to counter the effects of the downturn caused debt to grow in relation to the economy over the next five years. By the end of 2012, debt as a share of GDP had doubled, reaching 70 percent, and it has climbed since then, reaching 79 percent by 2019.”
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