The Congressional Budget Office (CBO) is projecting that the US national debt will shatter the $50 trillion mark in the next decade.
In a new report, the agency that provides financial and economic data to Congress says it expects the country’s national debt to reach $54.4 trillion by the end of 2034.
According to the US Treasury Department, the national debt currently stands at $34.22 trillion, meaning the CBO projects an increase of $20.180 trillion in just 10 years.
The CBO’s latest forecast comes as hedge fund billionaire Paul Tudor Jones warns the US is approaching a “debt bomb” explosion.
In a CNBC interview, the legendary investor reportedly says that while the US economy appears to be working like a well-oiled machine, it is actually running “on steroids,” per Fortune.
According to Jones, the US government is boosting consumption and economic activity through excessive borrowing and spending.
“We’ve got a 6% to 7% budget deficit. We’re fast-pouring consumption like crazy.”
Jones warns that it’s only a matter of time before the economy collapses under the weight of the government’s massive debt problem.
“The only question is … when does that manifest itself in markets. It could be this year, it could be next year.
Productivity may mask and it might be three or four years from now. But clearly, clearly we’re on an unsustainable path.”
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