"The budget deficit will total $2.3 trillion – 10.3% of GDP – in FY 2021 and total $12.3 trillion (4.4% of GDP) over the next decade."Debt will reach a new record as a share of the economy, growing from over 79% of GDP at the end of FY 2019 to over 102% of GDP by the end of 2021...and will grow another $13.6 trillion by the end of 2031, ultimately reaching $35.3 trillion."Four major trust funds are on a path toward insolvency. CBO projects Highway Trust Fund insolvency in FY 2022, Medicare Hospital Insurance Trust Fund insolvency in FY 2026. Social Security Old-Age and Survivors Insurance Trust Fund insolvency appears likely in calendar year 2032 and Social Security Disability Insurance Trust Fund insolvency in the mid-2030s."Debt could be even higher than projected. If policymakers enact $2 trillion of additional fiscal relief, extend expiring tax provisions, and grow annual appropriations with GDP, debt would total 120% of GDP by 2031."
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Bill Bonner has co-authored a number of New York Times Bestsellers including Financial Reckoning Day, Empire of Debt and Mobs, Markets and Messiahs. In his own opinion, Bill's most recent title, A Modest Theory of Civilization: Win-Win or Lose, is his best work yet. Bill also founded The Agora, a worldwide community for private researchers and publishers, in 1979. Financial analysts within the group have exposed and predicted some of the world's biggest shifts since that time, starting with the fall of the Soviet Union back in the late 1980s, to the collapse of the Dot Com (2000) and then mortgage finance (2008) bubbles, and more recently the election of President Trump.
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