Federal Debt Still Completely Out of Control

As the world seemingly goes to hell via armed conflict overseas
and at home, here’s a quick reminder from the Congressional Budget
Office (CBO) that the money for all of that ammunition—whether the
explicitly lethal stuff or less-lethal rubber bullets—has to run
out eventually. Federal spending continues to outstrip revenue for
as far into the future as the CBO can see. From the most recent
long-term budget
outlook:

If current laws remained generally unchanged in the future,
federal debt held by the public would decline slightly relative to
GDP over the next few years, CBO projects. After that, however,
growing budget deficits would push debt back to and above its
current high level. Twenty-five years from now, in 2039, federal
debt held by the public would exceed 100 percent of GDP, CBO
projects. Moreover, debt would be on an upward path relative to the
size of the economy, a trend that could not be sustained
indefinitely.

Of course, that money running out doesn’t actually fix anything.
Not in a planned way. More than likely, it just generates a whole
new world of hurt.

How long the nation could sustain such growth in federal debt is
impossible to predict with any confidence. At some point, investors
would begin to doubt the government’s willingness or ability to pay
its debt obligations, which would require the government to pay
much higher interest costs to borrow money. Such a fiscal crisis
would present policymakers with extremely difficult choices and
would probably have a substantial negative impact on the
country.