by Karl Denninger
Driven by higher interest costs, Social Security and Medicare for baby boomers, as well as tax cuts made permanent in 2012, the federal debt held by the public is expected to hit $40 trillion in 2035, according to calculations by the Committee for a Responsible Federal Budget based on Congressional Budget Office estimates. Back in 2009, soon after President Barack Obama took office, the forecast for the 2035 burden was at least $7 trillion lower.
You have to look at the second graph in this post. There’s a decimal missing but even so, if you think the federal government will be able to spend north of $17 trillion, which is more than 400% what it spends today by 2045, you’re nuts.
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