All Star Economic News

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Economists Warn We Can’t Keep Ignoring the National Debt Forever

Economists interviewed by FEE warned that when the dust settles after COVID-19, we'll still have a major problem on our hands.

With COVID-19 ravaging the country and government pandemic lockdowns devastating our economy, the national debt has understandably slipped to the back of many Americans’ minds. But the federal government continues to fall deeper into the red at a dramatically accelerating rate. Free-market economists interviewed by FEE warned that we can’t continue like this forever without grave consequences.

Even before the potential passage of President Biden’s $1.9 trillion stimulus proposal, the national debt officially exceeded the size of the economy in 2020. This means we will soon owe more than we produce in an entire calendar year. And it’s only going to get worse. The nonpartisan Congressional Budget Official now estimates that we will hit a 200 percent debt-to-economy ratio in 30 years, a truly unthinkable and unprecedented level of debt.

Source: https://fee.org/articles/economists-warn-we-can-t-keep-ignoring-the-national-debt-forever/