The Coming US Budget Disaster Will Impoverish Americans – OpEd
==========
The Congressional Budget Office (CBO) expects a budget deficit of $1.9 trillion in 2024, rising to $2.8 trillion by 2034. Outlays are projected to soar from $6.8 trillion to $10.3 trillion by 2034, with debt rising from 99% of GDP in 2024 to 122% in 2034. The CBO cites the soaring cost of debt as a major reason for the increase in outlays. The United States public debt will increase by $22 trillion in a decade. Deficit spending is not a growth tool and will lead to higher taxes, weaker growth, and declining purchasing power for Americans. The next administration must implement pro-growth policies to eliminate the deficit and maintain the dollar as the world's reserve currency. The current policy of imprudent monetary policy and inflationary policies will lead to stagnation and the loss of world reserve status. The United States has tried the European way and failed, resulting in a debt-bloated GDP and declining consumer confidence. It is time to implement sound money and responsible fiscal policies.
#UsBudgetDeficit #FiscalPolicy #EconomicGrowth
https://www.eurasiareview.com/01072024-the-coming-us-budget-disaster-will-impoverish-americans-oped/
Eurasia Review /
npub1wc…jzsfw
2024-07-01 01:03:53
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npub1wc7d8ck45cw5jgdwx6du933w2eqtgpmyvxgk6wtmzdghtpwrx2cqejzsfwPublished at
2024-07-01 01:03:53Event JSON
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"content": "The Coming US Budget Disaster Will Impoverish Americans – OpEd\n==========\n\nThe Congressional Budget Office (CBO) expects a budget deficit of $1.9 trillion in 2024, rising to $2.8 trillion by 2034. Outlays are projected to soar from $6.8 trillion to $10.3 trillion by 2034, with debt rising from 99% of GDP in 2024 to 122% in 2034. The CBO cites the soaring cost of debt as a major reason for the increase in outlays. The United States public debt will increase by $22 trillion in a decade. Deficit spending is not a growth tool and will lead to higher taxes, weaker growth, and declining purchasing power for Americans. The next administration must implement pro-growth policies to eliminate the deficit and maintain the dollar as the world's reserve currency. The current policy of imprudent monetary policy and inflationary policies will lead to stagnation and the loss of world reserve status. The United States has tried the European way and failed, resulting in a debt-bloated GDP and declining consumer confidence. It is time to implement sound money and responsible fiscal policies.\n\n#UsBudgetDeficit #FiscalPolicy #EconomicGrowth\n\nhttps://www.eurasiareview.com/01072024-the-coming-us-budget-disaster-will-impoverish-americans-oped/",
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