Is there an explanation other than that our overlords are engaged in a Great Leveling Enterprise, to bring post-America low on the world stage, and equalize all of us by imposing a reduced standard of living here at home?Despite increasing federal revenues, debt held by the public is projected to increase 71 percent over the next decade, according to the Congressional Budget Office’s annual economic outlook.Over the next 10 years, the federal government is projected to take in roughly $1.6 trillion in individual income taxes, payroll taxes, and corporate income taxes. However, the federal government is projected to spend $2.4 trillion over the same period.Most of the projected growth in spending will go to interest on the debt and mandatory spending that includes Social Security, Medicare, Medicaid, and subsidies for health insurance through Obamacare. Social Security and Medicare are responsible for almost half of the projected increase in outlays from 2016 to 2026.The federal government will see an increase in the deficit for the first time in six years due to the growing gap between revenues and outlays.“Growth in spending — particularly for Social Security, health care, and interest payments on federal debt — outpaces growth in revenues over the coming 10 years,” the report states. “The projected deficits would push debt held by the public up to 86 percent of GDP by the end of the 10-year period, a little more than twice the average over the past five decades.”By 2025, debt held by the public is projected to increase to $22.4 trillion from $13.1 trillion in 2015 — growth of 71 percent over a decade.The report projects that three decades from now, debt held by the public will amount to 155 percent of GDP, an amount that could trigger a fiscal crisis.
I guess madness might be a plausible theory, but really, don't the two explanation converge at some point?
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