Monday, April 1, 2024

The National Debt will be $141 trillion by 2054

Professor Joao Gomes
Source: https://executiveeducation.wharton.upenn.edu/faculty/joao-gomes/

See: America will be left with ‘severe, irreversible scars’ if national debt goes unchecked. Now, a blockbuster report warns the bill is higher than believed, hitting $141tn by 2054 (msn.com)

The "blockbuster report" is by the CBO and is here:  https://www.cbo.gov/publication/60127

Who said there will be "severe, irreversible scars" (in quotes)?   That is Wharton Professor Joao Gomes.

Without a course correction a fiscal crisis is likely to occur in 2030, said Gomes, or as early as 2025 if the next administration rolls out an "expensive fiscal package that relies on implausibly rosy economic assumptions." Regardless, warns Gomes: "It's consequences will be severe and leave lasting—probably irreversible—scars on our economy and society."

See also: What is the current national debt, how can the U.S. get out of debt? | Fortune






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