“Estimates of Uncle Sam’s debt, including unfunded liabilities such as Medicare and Social Security, run from $65 trillion to $210 trillion.” The New American
Written by Michael Tennant, The New American, May 9, 2016, p. 6
U.S. Comptroller General Gene Dodaro, the man responsible for assessing the federal government’s fiscal condition, told a Senate panel Wednesday that the government will soon owe more than the entire economy produces.
During a Senate Budget Committee hearing on the Government Accountability Office’s (GAO) audit of the federal government’s fiscal year 2015 financial statements, Dodaro said that despite a modest reduction in the annual budget deficit, the national debt remains a serious and growing problem.
According to the Washington Free Beacon:
“We’re very heavily leveraged in debt,” Dodaro said. “The historical average post-World War II of how much debt we held as a percent of gross domestic product was 43 percent on average; right now we’re at 74 percent.”
Dodaro says that under current law, debt held by the public will hit a historic high.
“The highest in the United States government’s history of debt held by the public as a percent of gross domestic product was 1946, right after World War II,” he said. “We’re on mark to hit that in the next 15 to 25 years.”
Another economic projection which assumes that cost controls for Medicare don’t hold and that healthcare costs continue to increase, shows debt rising even further. Continue reading