Politics

The True Cost Of Growing The Federal Debt

There are many reasons that a nation does not need to maintain high amounts of debt. The United States is having a problem that politicians and economists keep saying is not real. They believe they can just keep borrowing money and the rest does not matter.

The Congressional Budget Office recently came out with the real cost of keeping this going. The problem is, economists are telling politicians that no person will ever have to pay the money back. Common sense says this is not so. Time will show which is right, but sadly, the people causing the issues will never have anything happen to them for doing this.

CBO Report

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Here is what the CBO had to say about the coming years and how it looks in a historical view.

At an estimated 10.3 percent of gross domestic product (GDP), the deficit in 2021 would be the second-largest since 1945, exceeded only by the 14.9 percent shortfall recorded last year. In CBO’s projections, deficits decline as the effects of the 2020–2021 coronavirus pandemic wane. But they remain large by historical standards and begin to increase again during the latter half of the decade. Deficits increase further in subsequent decades, from 5.7 percent of GDP in 2031 to 13.3 percent by 2051—exceeding their 50-year average of 3.3 percent of GDP in each year during that period.

What Will Happen

Here is what the Committee for a Responsible Federal Budget had to say about the staggering debt that is being ran up.

The consequences of such high and rising debt could be significant. In this paper, we explain that high and rising debt will:

  • Slow income growth;

  • Increase interest payments, crowding out other priorities;

  • Push up interest rates;

  • Dampen our ability to respond to the next recession or emergency;

  • Place more burden on future generations; and

  • Increase the risk of a fiscal crisis.

No matter what is said by the people that keep running up the debt, this does not look good for people who live in this nation. There is a need for responsible government, but this is not happening with either political party. The debt is being bought up by many nations and it is allowing them to have a say in what happens within the halls of power. This requires the citizens of this nation to consider the risks of continuing to allow this to happen.

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