In February the nonpartisan Congressional Budget Office released a ten-year forcast warning that, if the current trajectory continues unchecked, the US will shatter that post war record by 2023, with publicly held debt set to reach 108%.
Despite all of this, President Trump has pushed back on the doom and gloom.
Despite the doom and gloom, Trump remains bullish on the economy
Responding to a mixed first quarter economic report from the Commerce Department, he insisted things were going well, saying: “More people are working right now than at any time in the history of our country.
“We’re doing great. And there’s more investment being made in the United States and any country at any time, at any time in history. And a lot of that, I and a lot of that maybe in a certain way, maybe more importantly, auto plants are all coming back to our country.”
‘A failure to make tough financial decisions’
This time around, MacGuineas argues the culprit is something far less forgivable, with politicians on both sides of the aisle refusing to make tough financial decisions for years on end.
So, what does it mean for your average Joe when a government racks up this much debt?
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