“U.S. Interest Payments to Equal Social Security Spending by 2048: CBO,” by Reade Pickert, ThinkAdvisor

“The U.S. government is on track to pay creditors as much as retirees in three decades amid growing public debt and rising interest rates, the Congressional Budget Office said Tuesday. The CBO projects net interest payments will exceed discretionary spending by 2045 and by 2048 match Social-Security outlays of 6.3 percent of gross domestic product. Social Security is currently the country’s largest federal program, the office, a nonpartisan arm of Congress, said in its annual Long-Term Budget Outlook report.”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):

“Trends that can’t continue, won’t” said the late economist Herb Stein. This is one of them. It’ll blow up in our faces with stagflation, severe recession, and/or civil discord long before interest on the debt exceeds Social Security payments. Most like the USA will default on the debt formally or informally via inflation.

U.S. Interest Payments to Equal Social Security Spending by 2048: CBO

#interest
#goldencareagent