Block, Siteadmin, SkipCaptcha, Upload, Automoderated users, delete, edit, move, nsTeam2RO, nsTeam2RW, nsTeam2_talkRO, nsTeam2_talkRW, protect, rollback, Administrators, template
293,953
edits
Changes
Jump to navigation
Jump to search
mLine 286:
Line 286: + +
→Debt to GDP ratio
During [[World War II]], federal debt peaked at 106% of gross domestic product in 1946.<ref>[https://www.washingtonpost.com/opinions/2020/05/27/this-is-not-your-grandfathers-debt-problem/ This is not your grandfather’s debt problem] By Eugene Steuerle, Washington Post, 2020</ref>
During [[World War II]], federal debt peaked at 106% of gross domestic product in 1946.<ref>[https://www.washingtonpost.com/opinions/2020/05/27/this-is-not-your-grandfathers-debt-problem/ This is not your grandfather’s debt problem] By Eugene Steuerle, Washington Post, 2020</ref>
US government interest payments per day doubled from $1bn per day before the [[covid pandemic]] to almost $2bn per day in 2023.
It will take decades for Americans to pay off the [[national debt of the United States]] if this happens. And it will require Americans retiring later, controlling defense budget costs, a merit-based legal [[immigration]] system,, and sound growth economic policies. The failed presidency of Jimmy Carter was followed by 12 years of Republican rule.
It will take decades for Americans to pay off the [[national debt of the United States]] if this happens. And it will require Americans retiring later, controlling defense budget costs, a merit-based legal [[immigration]] system,, and sound growth economic policies. The failed presidency of Jimmy Carter was followed by 12 years of Republican rule.