5.0 percent by 2027, and then grows in every year, reaching 10.0 percent of GDP in 2053.
These deficits accumulate into the debt
By the end of 2023, federal debt held by the public equals 98 percent of GDP. Debt then rises in relation to GDP: It surpasses its historical high in 2029, when it reaches 107 percent of GDP, and climbs to 181 percent of GDP by 2053.
Such high and rising debt would slow economic growth, push up interest payments to foreign holders of US debt, and pose significant risks to the fiscal and economic outlook; it could also cause lawmakers to feel more constrained in their policy choices.
the main problems are on the top row: Net Interest and Major Health Care Programs. The CBO forecasts interest expense will grow from 2.5% of GDP this year to 6.7% in 2053. Healthcare spending will, they think, grow from 5.8% of GDP now to 8.6% in 2053, due to both population aging and healthcare cost inflation. And note well: That’s growth as a percentage of GDP, and the CBO assumes GDP itself is also growing. In dollar terms it would look far worse.
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