Comment on US debt is now $37trn – should we be worried?
humanspiral@lemmy.ca 3 days ago
The $3.4T deficit increase projection, $340B/year is on top of the $1.9T projected for 2025 prior to bill. The projected deficit for FY2035 is $2.7T. This is before golden dome, and other warmongering/Israel funding. 2025 and 2035 numbers are both about 6.1% of GDP.
GOP talking points have include the fantasy of growing at 3% (instead of 1.9%) annually to pay for the $340B/year increase, but at 6.1% deficit/GDP ratio, total debt increases as long as nominal GDP doesn’t grow above 6.1%. Cutting healthcare, and population through deportations won’t cause growth.