No Escape From Washington’s Fiscal Doomsday Machine

If you don’t think Washington is in the maws of a Fiscal Doomsday Machine, think again. And the place to start is with the 30-year CBO projections we provided in yesterday’s post—-expressed as the dollar increase from the current $29 trillion level of publicly held US Treasury debt.

To wit, if Washington does nothing except leave current tax, spending and structural deficit policies in place (i.e. baseline policy), the publicly-held debt will grow by $102 trillion over the next three decades, reaching a staggering 154% of what would be $85 trillion of GDP by 2054.