When it comes to restoring fiscal balance, the next Speaker of the House will have his or her work cut out for them, as the White House Office of Management and Budget (OMB) projects the national debt will balloon to $50 trillion from its current $33.5 trillion by 2033 amid the current retirement wave, as Social Security goes from $1.3 trillion to $2.4 trillion and Medicare spirals from $821 billion to $1.8 trillion annually — and beyond.
Since the debt grows by about 8 percent a year on average once recessions and wars are factored in (both appear imminent), $100 trillion won’t be much further away, by 2037 or so, assuming we don’t default. In this generation’s lifetimes, for sure, if not the Baby Boomers’ who left the gargantuan debt behind.
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