Congressional Budget Office Estimates More taxes, more Spending, More Debt in 25 Years in the U.S.
Even if the tax as well a spending policies do not change at all, but still the U. S. budget may have a different kind of look in the coming twenty five years.
On Tuesday, the Congressional Budget Office forecasted that that revenue that the federal government collects could rise as a percent of economy but the government spending is also estimated to grow. However, the growth in government spending is expected to rise at a faster pace than the growth in revenue.
The CBO in its long-term budget point of view said that as a result of this the accumulated public debt of the country may cross hundred percent of the GDP (gross domestic product) by the year 2040 which is an increase from the present 74 percent. This was the first budget outlook that was published under Keith Hall, the agency's new director.
With time, as the aging population increase the health costs will also grow and so will the interest rates. From the U. S revenue the ever-growing share will move to the biggest entitlement programs of the country like Social Security and Medicare along with the interests to be paid on the debt.
However, the federal spending defense, research, education and food safety is supposed to drop to 6.9 % of the GDP, which is less than the average of 11.6 percent planned for long-term.
New Zealand News
- Tesla offering new discounts & perks in China amid negative press
- Electric Vehicle Council slams Victoria Government for proposed punitive mileage tax on electric cars
- Chinese EV brand Ora unveils VW Beetle-inspired electric car Punk Cat
- Swapping personal car for e-bicycle saved over $50,000 in just 7 years: San Francisco woman
- Hyundai Motor Corp to create ultra-fast EV charging network E-pit in Korea
- Tesla pockets roughly $101 million in profit from sale of some of its bitcoins
- Norway’s ICE car sales decline as buyers making shift to EVs
- Pursang launches Retro-inspired E-Track Motorcycle for Euro 14,449 in Netherlands
- ElectReon successfully tests dynamic wireless EV charging system on public road in Sweden