U.S. National Debt Projection
The United States is projected to add trillions to its national debt over the next decade due to rising spending and interest expenses outpacing tax revenues. This will lead to large budget deficits and a growing debt-to-GDP ratio.
Key Points
- U.S. national debt projected to exceed $56 trillion by 2034.
- Budget deficit in 2024 expected to be $1.9 trillion.
- Debt held by the public in 2034 estimated to be 122% of GDP.
Pros
- Potential reduction in deficits and debt over time due to a surge in immigration leading to increased tax revenues.
Cons
- Rising spending, interest expenses, and costs of Social Security and Medicare are contributing to the growing national debt.
- Budget deficits are expected to increase, reaching $2.9 trillion annually by 2034.