Feds predict U.S. debt to reach $30 trillion by 2026 - from TRUNEWS

(TRUNEWS) The Congressional Budget Office (CBO) reported Monday that the federal government may reach $30 trillion in debt by 2026.

In their Budget and Economic Outlook report, the CBO projected that if current laws remain unchanged, the deficit by 2026 would be considerably larger than its average over the past 50 years.

Gross debt held by the public currently sits at $18.1 trillion, which equals $70,612.91 per household in the United States. The CBO’s estimates would raise that amount to approximately $263,776.23, the cost of a 2015 Ferrari 458 Spider.

The CBO credited the deficit projection on an aging population, new spending and tax cuts, and the growing costs from Obamacare.

By the CBO’s own analysis, the Affordable Care Act itself is still struggling to reach enrollment goals, lowering its sign up projections from 21 million to 13 million, a nearly 40 percent drop in estimations.

During an interview with Rick Wiles of TRUNEWS, Austrian economics expert Michael Pento said the governments debt to GDP ratio was currently 102%, a rate likely to almost double if the CBO’s deficit projections come to fruition.

With Federal budgets burgeoning from the stress of the growing welfare state, and grandiose public service schemes, the prospect of a national default could be imminent.

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