Thursday, July 2, 2020

Updated GDP Projections per the CBO

Here is the current GDP projections, where the year is a fiscal year (ending on Sept 30 of the year):

FY 2020 20,649
FY 2021 20,997
FY 2022 22,077
FY 2023 22,975
FY 2024 23,956
FY 2025 25,011
FY 2026 26,130
FY 2027 27,287
FY 2028 28,462
FY 2029 29,591
FY 2030 30,732
Source: https://www.cbo.gov/data/budget-economic-data

Compare these to the GDP projections per the SSA.  These are much lower.  For 2030, Social Security projects that the GDP will be $39,249.

I'm really waiting for the updated CBO Long-Term Budget Outlook, which should be available in a month or two.  When that comes out, I will extend the projections all the way to 2095, and see when the system will crash.

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