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CBO: Debt Headed to 103% of GDP; Level Seen Only in WWII; 'No Way to Predict Whether or When' Fiscal Crisis Might Occur Here
By Terence P. Jeffrey, July 10, 2015 CNS News
(CNSNews.com) - Testifying in the U.S Senate yesterday, Congressional Budget Office Director Keith Hall warned that the publicly held debt of the U.S. government, when measured as a percentage of Gross Domestic Product, is headed toward a level the United States has seen only once in its history—at the end of World War II.
To simply contain the debt at the high historical level where it currently sits—74 percent of GDP--would require either significant increases in federal tax revenue or decreases in non-interest federal spending (or a combination of the two).
Historically, U.S. government debt held by the public, measured as a percentage of GDP, hit its peak in 1945 and 1946, when it was 104 percent and 106 percent of GDP respectively.
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