This is a major problem.
And while the national debt would stabilize at 67 percent of GDP over the next decade if current law were maintained, extending tax cuts enacted during the administration of President George W. Bush and keeping growth in appropriations in line with inflation would mean that the debt would reach almost 90 percent of GDP by 2020.
By contrast, GDP has averaged “a little above” 36 percent per year over the past 40 years. (Source: The Hill)
That’s what trying to spend your way out of a recession via stimulus & takeovers of industries will get you.
Now what is going to be done to fix it?
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