Tag: GDP

CBO Reports Grim Long-Term Outlook for Federal Government

The Center Square
Couple paying bills

The Congressional Budget Office on Wednesday released a bleak outlook for the federal government with new projections that show debt levels will reach their highest levels ever in five years.

“Debt held by the public, boosted by the large deficits, reaches its highest level ever in 2029 (measured as a percentage of GDP) and then continues to grow, reaching 166 percent of GDP in 2054 and remaining on track to increase thereafter,” according to the CBO report. “That mounting debt would slow economic growth, push up interest payments to foreign holders of U.S. debt, and pose significant risks to the fiscal and economic outlook; it could also cause lawmakers to feel more constrained in their policy choices.”

Read More

Watchdog: Biden’s 2025 Budget Would Drive National Debt to $45 Trillion in 10 Years, 106 Percent of GDP

Just the News

The Committee for a Responsible Federal Budget (CRFB) a budget watchdog group, found that President Joe Biden’s fiscal year 2025 budget would drive the national debt to $45.1 trillion or 106 percent of the U.S. Gross Domestic Product (GDP) by 2034, from $27.4 trillion or about 97 percent of GDP at the present time.

The organization noted that those calculations are based on the Biden administration’s own internal figures. The current $27.4 trillion debt figure is the debt held by the public, not the total national debt including intragovernmental holdings.

Read More

Commentary: Trump Says No More ‘Free Milk’ for NATO Free Loaders

RealClearWire
Trump NATO

The mainstream media and political establishment are outraged over Donald Trump’s latest comments about NATO. Instead of all the dramatic pearl-clutching, they should be embracing his position.

Trump recently issued a stern warning to America’s NATO allies, specifically those who are still failing to uphold their commitment to spending at least 2 percent of GDP on defense. Recounting a conversation he had with the leader of a delinquent NATO member who sought reassurance that America would defend their country from Russian attack, Trump declared that he would let Russia do “whatever the hell they want” to NATO countries that refuse to make minimum expenditures toward their own defense.

Read More

Commentary: Biden Gaslights America on the Economy

South Carolina Sun Staff
Biden Speaking

Joe Biden is gaslighting America on the economy. His administration is trying to oversell what has underperformed for several reasons: First, the economy is the one issue that affects most Americans most significantly. Second, Biden is doing worse on virtually every other issue. Finally, time is short: the economy is about to get worse, and the election is close. The administration’s strategy is to get Americans to believe what they hear and doubt what they see.

Read More

U.S. Economic Growth Exceeds Expectations with Rate Cuts on the Horizon

South Carolina Sun Staff
Blue Collar

The U.S. economy grew at a rate of 3.3% in the fourth quarter of 2023, according to gross domestic product (GDP) statistics released by the Bureau of Economic Analysis (BEA) on Thursday.

In the third quarter of 2023, real GDP rose 4.9%, down from the second estimate of 5.2%, but in line with initial estimates. Economists expected that GDP growth would be around 2% for the fourth quarter of 2023, in line with typical U.S. growth rates.

Read More