WASHINGTON – The most disturbing thing about forecasts that the US national debt will hit $50 trillion by 2034 is that the true figure surely will be much bigger.
The Congressional Budget Office noted that the federal debt will hit 122% of gross domestic product a decade from now, dwarfing America’s fiscal position after World War II. Funding the biggest drivers – defense, social safety net outlays and giant tax cuts unmatched by revenue increases – will only become costlier over time. Never mind if a deep recession or serious military conflict further alters this trajectory.
This slow-motion economic disaster could be sped up by political squabbling or by de-dollarization efforts among top emerging markets.
Case in point: the November 5 US election. Even if Donald Trump loses to current President Joe Biden, there’s a zero-percent chance the former US leader and his army of supporters go away quietly. The risk…
