National debt to soar to 77 percent of U.S. gross domestic product by end of fiscal year
Spendthrifts in Washington, D.C. by the end of September will have sent our national debt soaring by three percentage points to 77 percent of gross domestic product, the greatest ratio of debt-to-GDP we’ve seen since 1950 when we were still paying down debt from World War II.
The agency projected that the debt held by the public will rise 3 percentage points to 77 percent of U.S. gross domestic product by the end of fiscal year 2016 in September.
Debt has not hit that ratio since 1950, when the government was still in the middle of paying down the debt it incurred paying for World War II.
Over the next 10 years, the office sees the debt rising from 77 percent of GDP to 86 percent. Beyond that, it’s supposed to keep rising as interest costs on the debt mount, along with payments for Social Security, Medicare, and other mandatory programs.
The more debt we shoulder, the more interest we are charged – which digs our nation deeper and deeper into debt. This cycle needs to stop. Click here to help Tea Party Patriots urge lawmakers to rein in spending and adopt commonsense policy that would balance the budget within five years.