In the wake of Fitch's credit downgrade of the US, a concerning outlook for government finances in the coming decade has been put forth by an analyst.
The U.S. government's debt will rise by $5.2 billion, every single day for the next decade
8/17/2023
Michael Hartnett, from Bank of America, shared a staggering prediction regarding the government's fiscal situation in a research note for investors. Utilizing data from the Congressional Budget Office (CBO), an independent federal agency, he projected that government debt would surge from its current level of $32.5 trillion to $50 trillion by 2033. This translates to an increase of $5.2 billion in government debt every single day for the next ten years.
According to the CBO's report, the debt-to-GDP ratio is expected to escalate from 98% to 181% by 2053, which would be comparable to levels witnessed during the Second World War and the COVID-19 pandemic.
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