Souce: The American Conservative
Congress is preparing to vote to spend trillions of dollars Washington doesn’t have to keep afloat an economy staggering under the impact of the coronavirus pandemic. Even before Uncle Sam was hopelessly overdrawn, expecting to run an annual trillion dollar deficit well into the future.
Yet the bipartisan war lobby continues to promote confrontation and conflict with nations as diverse as Venezuela, Iran, Syria, Afghanistan, and China. Even in good economic times it was increasingly difficult to underwrite Washington’s attempt to run the world. Today the effort is pure folly.
Last year the Congressional Budget Office published The 2019 Long-Term Budget Outlook. Among the conclusions of this profoundly depressing read:
“Large budget deficits over the next 30 years are projected to drive federal debt held by the public to unprecedented levels—from 78 percent of gross domestic product (GDP) in 2019 to 144 percent by 2049.” Much depends on continuing low interest rates, which seem certain to jump as borrowing mushrooms. “If interest rates were one percentage point higher each year than CBO projects, debt in 2039 would be 199 percent of GDP.” “If lawmakers changed current laws to maintain certain major policies now in place—most significantly, if they prevented a cut
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