Sunday, April 26, 2015

CBO Future Budget Projections All Bad News

According to 'The Congressional Budget Office', "Under current law, CBO estimates the deficit will total 2.7 percent of GDP in 2015, drop to roughly 2.4 percent for the following three years, and then begin to rise. By 2025, debt held by the public is projected to reach 77 percent of GDP."

According to the CBO's "Baseline Projections for Social Security"..
     The bad news is by 2025 SS will have a $228b revenue shortfall.
     The good news is by 2025 SS will still have a $2+ trillion balance.
     The bad news is the SS trust fund assets will be exhausted in 2039.

Combine this at the federal level with what state budgets are going through it doesn't bode well. When more is going out then what is coming in for either individuals or at government levels things are sure to turn out badly.

Some Solutions (to name a few)
     * Revisit trade agreements to increase GDP revenues.
     * Increase minim wages to generate more revenue.
     * Eliminate tax breaks where they are unnecessary.
     * Reduce spending on subsidies, foreign aide/loans and military engagements.

Anybody got other thoughts on this?

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