The looming debt crisis will hurt these Americans the most

[Yo_Mama_Been_Loggin]

The Congressional Budget Office confirmed on Monday what many Americans and all politicians already know: The United States is in a deeply precarious fiscal position.

In just one short year, our budget deficit has ballooned by over $1 trillion; by 2028 the accumulated debt is expected to roughly match the size of the economy. If our oversized public debt explodes into a full-blown crisis, no one can say we weren't warned.

The debt overhang will have real impacts on Americans—imposing higher borrowing costs, changing retirement as we know it and slowing the rate of growth. The plausible options for fixing the situation are diminishing, but fixing it should be a first-order policy priority.

The CBO's worrisome 10-year outlook underscores the severity of the situation and reveals three areas of major concern.

https://www.msn.com/en-us/money/markets/the-looming-debt-crisis-will-hurt-these-americans-the-most/ar-AAvM73N?li=BBnbfcN

This fucking article doesn't mention the recent GOP tax cuts anywhere.

[Bucky]

1. Maybe the debt wasn't caused by the tax cuts...

Maybe Hillary's emails caused the debt

[brush]

9. Heehee. And maybe Ryan announcing he's quiting right after this report comes out is just a...

coincidence.

That fucker's tax scam law that he passed caused this.

Bet he steps down before the end of his term once everyone realizes why the sudden, huge jump in the deficit is because he finally got his life-long dream bill passed.

[Hoyt]

2. trumps tax cuts made things much worse. But truth is we havent addressed deficit and debt

in quite awhile. We’ll keep kicking the can down the road until we have no choice but to resolve it. It will be very painful for everyone.

[justhanginon]

3. Painful for everyone except for the protected class, the ever greedy rich.

Somehow they manage to always remain somewhat unscathed when it comes to economic pain being dealt out.

[Hoyt]

5. It will be painful for everyone including protected class.

How painful for non-protected will depend on who is in office. But it will be ugly.

[RandomAccess]

4. WRITE to them and complain

Really.

[TexasTowelie]

6. The comparisons and contrasts between Venezuela and the United States

will be topics of discussion in the future. One country with immense national wealth destroyed by socialism and one country with immense national wealth destroyed by a capitalism. However, which country is in which role is open for debate.

[roamer65]

7. The Federal Reserve will monetize all of it through QE.

Inflation will be horrible in the next decade.

[liberal N proud]

8. I don't figure I will ever be able to retire

I worked for one company for 30 years, about 25 years they took away the pension, started offering a 401K but just as I was getting a balance that would grow, they eliminated my position. Rolled that small amount into an IRA but that is dropping like a rock. I was out do work foe 18 months and now I have a job, I can't start contributions to a 401K until I have been there for a year if the job lasts that long. And we are most likely going to see the republicans steal our Social Security.

I am 59, not going to ever see the kind of money that pension would have provided, a lot of people retired at 60 and lived well on the pension alone.

I hate these fucking conservative assholes.