Trillion-dollar deficits for years to come

U.S. Congress
USA
2019
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U.S. Congress: In August 2019, the Congressional Budget Office (CBO) released a grim update to its economic outlook for the next decade, predicting average national deficits of $1.2 trillion every year through 2029, due in large part to recent budget and border security bills. The CBO report noted that, as one of many repercussions from free-spending policies, federal debt held by the public is projected to reach heights not seen since the 1940s, almost equaling the nation's Gross Domestic Product. This could lead to the devaluation of the Dollar, financial panic in the USA and around the world. Never have politicians been so irresponsible on such a large scale. At the same time, the government has been equally irresponsible in forming sound energy policies. Energy is the only real currency. Others are just paper backed by the word of the government.




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