We’re totally screwed.
Last week, the Congressional Budget Office, a nonpartisan federal agency within the legislative branch that provides Congress with information regarding the nation’s budget and economy, released its annual long-term budget outlook, which aims to project what the “federal budget and the economy would look like over the next 30 years if current laws generally remained unchanged.
So, if we continue on our current path, in 30 years time, the federal debt will be 181% of the United States’s gross domestic product, the monetary value of all the goods and services produced by the entire country in one year. In other words, we could liquidate the entirety of the nation’s production in 2053, and we would still be in debt.
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