The US national debt is causing concerns around the globe. Economists from various countries are providing disastrous forecasts.
According to calculations by the US Congressional Budget Office, by the end of 2034, the country's national debt will soar to a record 116% of GDP. At the same time, the department emphasizes that by the end of 2024, the level of public debt to GDP will be 99%.
Such a scenario is possible if the current legislation remains the same. The ratio of US government debt to GDP will grow in this case. As a result, in 2054, this figure will reach an impressive 174%, the organization notes.
According to the department's estimates, the federal budget deficit will amount to $1.6 trillion in fiscal year 2024, $1.8 trillion in 2025, and $2.6 trillion in 2034.
Earlier, at the end of January this year, Nassim Taleb, an analyst and author of the best-selling book "The Black Swan," said that the growth of public debt and budget deficits would push the United States into a "death spiral." According to the expert, the country's federal budget suffers from a constant shortage of funds. “The US deficit is swelling to a point that it would take a miracle to reverse the damage,” Taleb said.
Notably, in early January 2024, the US national debt exceeded $34 trillion. Last year, it increased by more than $4 trillion.
