Debt Will Hit a Shocking $50 Trillion by 2034, as DC Continues to Spend, Spend, Spend

While Congress and the presidential campaigns continue with business as usual — pledging more government giveaways and deep tax cuts — the government’s own accountants have once again revealed that the era of free lunch economics is over.

The Congressional Budget Office (CBO) released new budget estimates showing that this year’s budget deficit will come in just under $2 trillion — nearly double the level from just two years ago, adjusted for the canceled student loan bailout.

As a share of the economy, this year’s deficit will nearly match last year’s record for the largest deficit in American history outside of wars and recessions.

Running $2 trillion budget deficits in a growing economy is virtually unheard of.

And it’s going to get worse. Congressional rules require that CBO’s projections assume all 2017 tax cuts expire on schedule, and that Congress will drastically cut discretionary spending (yeah, right!).

Continue reading the entire piece here at the New York Post

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Brian M. Riedl is a senior fellow at the Manhattan Institute. Follow him on Twitter here.

Photo by Tim Graham/Getty Images