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Liberals, Neo-Cons and all you other big-government spenders, what say ye?By that grim projection, our debt as a percentage of GDP rises to 170 percent in 2040. Extend that trend line, as the Committee for a Responsible Federal Budget did Tuesday, and in 70 years you find the Jasons and Jennifers owing more than six times the value of whatever's left of their entire economy — 620 percent of their GDP. CRFB President Maya MacGuineas, take the microphone:
"This report shows just how dire the long-term debt situation is. ... Unfortunately, the cost of this debt isn't abstract. As CBO explains, it would lead to slower growth, higher interest rates, and less flexibility for the government to address new challenges. In only a quarter of a century, income per person could be $2,000 to $5,000 lower as a result of our growing debt levels."
