Deficit To Soon Skyrocket To Historic World War II Heights

Photo Credit: REUTERS / Jonathan Ernst

Photo Credit: REUTERS / Jonathan Ernst

The Congressional Budget Office’s (CBO) latest report says that although the federal deficit this year is the lowest of the Obama era, in the near future, it is expected to skyrocket to World War II heights.

The years between 2009 and 2012 saw the largest recorded federal government deficits since 1946, based on percentage of the economy. And although the White House also reported that the deficit this year is the lowest of the Obama administration, there is little reason for celebration.

Currently, the amount of federal debt is exactly 74 percent of the economy, and if measures aren’t taken to reign in the deficits, the CBO projects that by 2039 the U.S. will see a debt to GDP ratio of 106 percent. According to the CBO, the rate of debt growth is expanding at an undeniably unsustainable rate.

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