Debt Will Rise with Population’s Age, Predicts CBO
The Congressional Budget Office (CBO) released forecasts today that project publicly held debt will reach 100% of Gross Domestic Product (GDP) by the year 2038, if current tax and spending laws remain unchanged. The primary driver of the increase is healthcare and retirement spending. “The report reiterates the obvious: Government spending, especially on health care, is driving our debt. And Obamacare will not solve the problem. The law was a costly mistake,” House of Representatives Budget Committee Chairman Paul Ryan, a Wisconsin Republican.