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US Debt Crosses GDP: Fiscal Freight Train Ahead
Description
Americas public debt surpasses GDP for the first time since WWII, reaching $31.27 trillion, surpassing the $31.22 trillion GDP. This surge is due to tax cuts, ballooning interest payments, and costs for an aging population. Interest tabs now top $1 trillion annually, more than spending on Medicare or defense. Experts warn of squeezed budgets, higher taxes, inflation, and crisis risks if unchecked. Projections show debt hitting $53 trillion by 2036, or 120% of GDP. Slashing the deficit to 3% of GDP is proposed to steady the ship. Despite market demand for U.S. debt and growth outpacing interest rates, ignoring this fiscal issue could derail the economy.
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