While rocketing inflation, cratering stocks, and persistent supply chain woes have the administration and public focused on the day-to-day economic crisis, the nation’s auditor has just issued a dire warning about the future.
“The federal government faces an unsustainable fiscal future. If policies don't change, debt will continue to grow faster than the economy,” said the Government Accountability Office. Hint: Imagine things twice as bad as today.
But if the predictions included in the report are right, a bigger crash is coming due to nonstop growing debt, now equal to America's gross domestic product. By 2050, and absent a major policy shift, the national debt will more than double to 217% of GDP, said the GAO.
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