US National Debt Will Double by 2051 says New Report

US National Debt Will Double by 2051 says New Report US National Debt Will Double by 2051 says New Report The US national debt hits a new all-time high every second. Currently, over 28 trillion. We have crossed the point of no return. We are so far in debt; it’s mathematically impossible ever to pay it back. The inevitable endgame of all this is the default. US debt is projected to balloon to more than double GDP by 2051. Also what happens to our current debt and interest payments if the rates ever go above their current 1%. Think those are gonna get easier to pay? We literally created a never-ending loop of debt. Too much printing of fiat currency has two possibilities, a deflationary one- as was Economic Crisis 2008, or hyper-inflationary - see the Weimar Republic, between 1921 and 1923, primarily in 1923. Of course, the third one would be to start a war, which the USA is well experienced with; hell, we have started enough of them. According to a report from the congressional budget office, the US national debt will reach 202 percent of GDP. It will exceed the national GDP by the end of this year. And by 2051, it will almost double and reach 202 percent of GDP. This forecast is contained in a new report published on Thursday by the congressional budget office. According to its experts, the US national debt, according to available calculations, should by the end of 2021 reach the level of 102 percent of GDP. Debt will reach 107 of GDP, exceeding the historical maximum in 2031. And will almost double to 202 percent of GDP by 2051. The document says the growing debt burden may increase the risk of a fiscal crisis and rising inflation, as well as undermine confidence in the US dollar, which will make it more expensive to finance public and private activities in international markets. The experts also note the increase in the US national debt is primarily due to the emergency spending of the US government to overcome the economic crisis that was caused by the pandemic. The office's current report also clarifies that the US federal budget deficit is likely to reach 10.3 percent of GDP in 2021. This would be one of the largest deficits since 1945, not counting the record deficit of 2020, which was 14.9 percent. Welcome back to The Atlantis Report. You are here for your daily dose of the truth, the whole truth, and nothing but the truth. Please take a second to hit the like button, hit the subscribe button, and don't forget to also hit the notification bell. True capitalism no longer works or even exists in this country. The Feds, socialist stimulus policies, endless QE, rescuing and protecting irresponsible corporate management, and moving manufacturing offshore have literally destroyed the fabric of America and the hard-working, middle-class. To get back to that requires a path Wall St corporate executives and the ivory tower puppet-masters don't want to do at this point. More like float us into more national debt and crash the economy so we can become more dependent on the rich elite and government. They are grooming us for a UBI implementation. It's been an issue in the coming years that is only going to grow. Wait and watch; it will eventually be sponsored as a new piece of legislation to give taxpayers money away in the form of stimulus to everyone. The economy has suffered permanent damage due to the shutdowns, especially in terms of small businesses. Giving out $1400 this late in the game changes nothing. People at this point have either lost everything or managed to make due. It's only politics at this time. It won't undo the permanent damage to this country. We lost hundreds of thousands of small businesses, and they are not coming back. We still have at least 9.5 million people in the labor force that are unemployed. While mom and pop shops were destroyed, corporations and the government thrived. It makes me wonder if this is all just some sick joke. $1400 is going to do absolutely nothing. It is a stimulus bill, and the Fed expects you to stimulate the economy with it, which is exactly what people are going to do. They are going to buy flat-screen televisions, stocks, new vehicles, and non-essentials. It's what they did with the first two checks, and it's what will be done with the third. Absolutely predictable. You wonder why the stock market is at an all-time high. It's because the Feds own Trillions in stocks and ETFs. On top of that, virtually 2/3 of the housing market. The power we have given them along with the banks is the most unparalleled in US history. We also have the highest marginal debt accumulation for stock market purchases in history. When do you think these banks are going to want their money back? It's only a matter of time. U.S. National Debt Is Likely to Nearly Double to 202% of GDP by 2051. The federal debt is projected to almost double to 202% of gross domestic product by 2051, the Congressional Budget Office said Thursday, reflecting rising costs for healthcare and debt service. The federal debt is projected to be 102% of the gross domestic product in 2021. It has exceeded that level only twice before in U.S. history, in 1945 and 1946, following a surge in federal spending as a result of World War II. The forecasts don’t take into account the $1.9 trillion in federal spending proposed by President Biden and backed by Democrats, who narrowly control the House and Senate. Democrats say the measure is needed to ease pain from the business closures and job losses caused by the pandemic and related restrictions on economic activity. “Debt that is high and rising as a percentage of GDP boosts federal and private borrowing costs, slows the growth of economic output, and increases interest payments abroad,” the CBO said in its annual long-term budget outlook, a report that extrapolates current law and budget forecasts out 30 years in the future. The CBO said that the budget deficit – the annual shortfall between what the government spends compared to what it takes in – was projected to be about 10.3% in proportion to the size of the economy in 2021, the second-highest since 1945. However, it would fall as the economy recovered from the pandemic before rising in later years and hitting 13.3% in 2051. The federal debt held by the public would continue to creep up in relation to the size of the economy, the CBO said. It would reach a record 107% in 2031, the agency said, and almost double to 202% by 2051. President Biden’s “American Rescue Plan” includes new stimulus payments, unemployment spending, and funds for COVID-19 vaccinations, but it will add significantly to the US debt. The growth of the US debt spending is projected to exceed $78 trillion in 2028. US federal debt is expected to double over the next three decades, warns the Congressional Budget Office (CBO). Debt will be equivalent to 202 percent of GDP by 2051, while this year’s debt is expected to be 102 percent. “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,” said the CBO’s report. According to the report’s projections, deficits decline as the effects of the 2020–2021 pandemic wane. “But they remain large by historical standards and begin to increase again during the latter half of the decade,” it said. “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.” The CBO’s projection for a 195 percent increase of the federal debt by 2050 was unchanged from its prior report. “Debt would reach 107 percent of GDP (surpassing its historical high) in 2031,” it also said, adding, “Debt that is high and rising as a percentage of GDP boosts federal and private borrowing costs, slows the growth of economic output, and increases interest payments abroad.” Another 21 Trillion dollars are missing from the US government. That is $65,000 per person - as much as the national debt! Michigan State Economics Professor Mark Skidmore revealed three years ago there was $21 trillion in what he called “Missing Money” from the Department of Defense (DOD) and Housing and Urban Development (HUD). To hide what was going on with the federal books, Congress made all government accounting a national security issue, making it impossible to get real accounting of money credit. Accountants call missing money anything that does not tally. For example, if your books show you have a coffee table and chair, but an inventory shows you have a full table and couch, they will tally that as missing coffee table and chair. The problem with inventories is that tags and identifiers come separated from the item in the accounts. And, each branch of the military has different accounting rules for items shipped to "war zones." And the CIA? Did they account for the missiles sent to Libya? How did Obama account for the money sent to Iran? As taxpayers, we need to assume everything we contribute just goes down one drain or another. The US economy is not going well. This has been the case since the 1970s. All thinking Americans know it though they cannot figure out the reason. It is true that every year the GDP of the US grows. But this growth is fueled by borrowing. It is like a household whose income is consistently less than its expenses but keeps increasing its expenses through ever-increasing borrowing. In the case of the US, borrowing takes the form of issuing T-bills and printing US dollars. Unlike other countries, the US can do it; because the US dollar is the major reserve currency. That is why every US President wants to revive the economy though they do not know how to do it and eventually leaves it to their successor. The economy in the USA incentivizes paper-pushing and desk-sitting, giving most of the economic benefits to executives and corporate employees. Hard workers get zilch and a smaller amount of zilch every year. Next year I think wages go into negative numbers, like April oil. Applying for jobs now, even with a college degree and decades of work history, every advertised opening pays less than bagging groceries did 30 years ago when adjusted for inflation. So spare me the capitalist cheerleading. The government will probably own it all before they're done. Soviet socialism never works. When people become convinced they can have bread without working, no one will work to produce bread. An inevitable dictatorship follows to force people to produce bread. No nation can print its way to prosperity, it's never happened before, and it never will. But a nation can "print" its way to doom, and the fed is doing that right now. It started in 2008 and continues to this day, but the end is near. If printing worked, everyone could quit their jobs. This was The Atlantis Report. Please Like. Share. Leave me a comment. Subscribe. 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