Debt makes paupers

Rags make paper

But look this is just the human surface of the endless movement of money circulating as digits qubits and cryptos of no name riding in the desert

Even the most minimal constraints on federal deficit expenditures have been eroding at an accelerating rate. Absent significant policy changes, the Congressional Budget Office figures that the federal deficit will nearly double to $2.9 trillion over the coming decade. That is without another hot war, pandemic, or financial crisis. Add one or more of those and the red ink would escalate even more dramatically.

But the coming decade is merely the start. As detailed by the agency: “federal deficits are large by historical standards: From 2023 to 2053, deficits average 7.3 percent of GDP, more than double their average over the past half-century. And deficits are projected to grow almost every year over the next three decades, reaching 10.0 percent of GDP in 2053. In the past 100 years, deficits have been that large only during World War II and the pandemic. The growth in deficits over the next three decades occurs as increases in spending – especially spending on interest, the major health care programs, and Social Security – outpace increases in revenues.”

The result is frightening. Indeed, the CBO’s latest report on the long-term budget outlook reads like a horror novel without the pictures. Explained the agency in early July: “If current laws governing taxes and spending generally remained unchanged, the federal budget deficit would nearly double in relation to gross domestic product (GDP) over the next 30 years, driving up federal debt, the Congressional Budget Office projects. In CBO’s extended baseline projections, debt held by the public rises from 98 percent of GDP in 2023 to 181 percent of GDP in 2053 – exceeding any previously recorded level and on track to increase further.” https://original.antiwar.com/doug-bandow/2023/08/17/how-will-americas-borrow-and-spend-politicians-pay-for-an-imperial-foreign-policy/

https://ko-fi.com/thejournaloflingeringsanity