Daunting Debt Destiny
02/05/2014 | | CBO, debt, deficit, econ70, Economic forecasting, economist on radio, economist on TV, eisenberg and economics, Eisenberg and housing economics, Eisenberg and public speaking, Elliot eisenberg, funniest economist, funny housing economist, Graphsandlaughs, graphsandlaughs and eisenberg, housing sales, MLS, mortgage banking, Multiple listing service, politics and economics, Public speaking economist
The CBO projects that the FY2014 budget deficit will be $514 billion, 3% of GDP, and will be just $478 billion or 2.6% of GDP in FY2015. The deficit then begins to rise as a percentage of GDP. A key reason: interest on the debt. While a manageable $233 billion or 1.3% of GDP today, debt service will reach $880 billion by 2024, a whopping 3.3% of projected 2024 GDP.