Breitbart: “New figures by the Congressional Budget Office released on Monday reveal that over the next 10 years the U.S. debt-to-GDP ratio will double to 78%.
Over the last four decades America’s average debt-to-GDP ratio was 39%. At the end of 2007, federal debt was just 35% of GDP.
The CBO report says gross federal debt will soar from $17.7 trillion to $27 trillion over the next ten years. CBO warned of the dire consequences the nation’s debt will have if gone unchecked.”
Opinion: Definition of Congressional Budget Office: A nonpartisan federal agency within the legislative branch of the United States government that provides economic data to Congress.
The CBO is mostly reliable as opposed to the smoke and mirrors (metaphor for a deceptive, fraudulent or insubstantial explanation or description) of the Federal Reserve Bank.
When was the last time you heard any government official talk about fiscal restraint? This is why:
On May 13, 2013 President Obama declared that there was no debt crisis, “We don’t have an immediate crisis in terms of debt,” President Obama said in an exclusive interview with George Stephanopoulos for Good Morning America. “In fact, for the next 10 years, it’s gonna be in a sustainable place.”
The mainstream press dutifully stopped reporting on the national debt/deficit.
There, feel better now?