For many Americans it is sickening to see the how fast the spending in this country is increasing. Under George W. Bush we saw spending grow much more than most fiscal conservatives would ever support. The Democrats were crying out about the out of control spending and now that they control both houses of Congress and the Presidency they now endorse an even greater increase in spending. I'm young but it is becoming more and more evident that I will never see this country out of debt again in my life. I pray that my kids and/or grand kids will see the United States as a debt free country again.
Here's what CBO predicts will happen if we continue current policies:
Next year, our debt will exceed 60 percent of our total economic output, or gross domestic product (GDP). We would not meet the standards Poland and Estonia needed to qualify for admission into the European Union.
In 2023, our debt will exceed 100 percent of GDP - the highest level since World War II ended.
By 2076, debt will be more than 6.5 times GDP. Put differently, with current policies, there's no chance that children born today will get much of their promised Social Security and Medicare benefits.
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