The Congressional Budget Office warned in its latest projections that US government debt is on a path from 97% of GDP in 2013 to 116% by 2034 — higher even than during World War II. The actual prospect is likely worse — plug in the market’s current view of interest rates and the debt to GDP ratio rises to 123% in 2034. Then assume — as most in Washington do — that ex-President Donald Trump’s tax cuts mainly stay in place and the burden gets even higher

The Congressional Budget Office warned in its latest projections that US government debt is on a path from 97% of GDP in 2013 to 116% by 2034 — higher even than during World War II. The actual prospect is likely worse — plug in the market’s current view of interest rates and the debt to GDP ratio rises to 123% in 2034. Then assume — as most in Washington do — that ex-President Donald Trump’s tax cuts mainly stay in place and the burden gets even higher