A new report from the Congressional Budget Office should spark serious concern for anyone worried about the financial security of their children and grandchildren.
Roll Call reports:
Debt as a share of the United States economy is on track to blow through the previous World War II-era record within two decades and keep rising from there, the Congressional Budget Office said in its annual long-term budget report.
Generally assuming no change in current laws, growing budget deficits would push debt held by the public from the current level of 78 percent of the economy to almost 100 percent of gross domestic product by 2028, and to 152 percent of GDP by 2048, according to the agency.
“That amount would be the highest in the nation’s history by far,” said the report, which estimates the growth of spending and revenue over the next three decades as a share of the economy. The current record for debt as a share of GDP was set in 1946 when it hit 106 percent. Debt as a share of the economy is projected to exceed that level in fiscal 2034 under the latest projections, one year earlier than in last year’s long-term budget outlook.CBO highlighted the role that rising interest costs will have, along with the growth of Social Security and Medicare.
If anyone doubts that the rising national debt will be a problem, the CBO also noted that "the prospect of large and growing debt poses substantial risks for the nation and presents policymakers with significant challenges.”
In short, the national debt is set to consume our economy and throw this nation into a serious financial crisis. Congressmen in Washington have thus far done nothing to solve the problem, and it isn't clear that they're capable of making the tough financial cuts that will avert disaster.
That's why millions have joined the Convention of States effort to call the first-ever Article V Amendments Convention. At this convention, state delegates can propose amendments to the U.S. Constitution, amendments that force the feds to deal with the deficit and debt.
