US on path to have 'dead economy' if debt keeps rising: Economist
The US government’s spending and borrowing policies have dramatically weakened the country’s economy and significantly lowered the standard of living, which may lead to a “dead economy” and political chaos, an American economist says.
“The very things that the government is doing are weakening the US economy,” said William L. Anderson, a professor of economics at Frostburg State University in Maryland.
“The government is pushing the economy further into a downward [spiral] and at the same time borrowing more and more to keep things going,” Anderson told Press TV on Tuesday.
“You’ll see the Americans’ standard of living drop rapidly and at that point things become politically much more chaotic here,” he added.
The US government will owe $30 trillion in national debt within a decade if the country’s budget deficit continues to grow at the same rate and current tax laws remain in place, according to a new federal report.
The federal deficit will increase in 2016 for the first time since the end of the financial crisis in 2009, and the accompanying public debt could reach crisis-levels in the decades to come, the Congressional Budget Office (CBO) said Monday.
Government budget deficits will continue to rise over the next 10 years, topping $1 trillion again in 2022 and reaching $1.4 trillion in 2026, CBO analysts said.
The accumulation of those deficits will deepen the gross public debt from $18.1 trillion at the end of 2015 to $29.3 trillion in 2026.
“When you deal with those kinds of numbers, it would be official the US economy would be dead because there’s no way the US economy can support those kinds of debt levels,” Anderson said.
By contrast, the debt stood at $10.6 trillion when President Barack Obama took office in 2009. Looking decades into the future, the picture only gets worse, the CBO said.
"If current laws generally remained unchanged, the deficit would grow over the next 10 years, and by 2026 it would be considerably larger than its average over the past 50 years," the report said.
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