Correct me if I am wrong but President Trump's plan has to be first be approved by the Democratic controlled Congress before it can be approved by the Senate before it can be signed into law. The plan will certainly never be approved by Congress as it makes deep cuts to the social security net.
I think the chances are very low that any budget plan will survive 15 years especially considering at most President Trump has five years left in power.
If nothing soon changes with US gov't spending, the costs to service the debt will exceed US gov't revenues.
At $23 Trillion, the U.S. National Debt Already Exceeds the Size of the U.S. Economy | The National Interest
At $23T dollars the US national debt already exceeds the size of the US economy.
That $23 trillion figure fails to account for massive unfunded obligations facing the U.S. government through programs such as Social Security and Medicare.. This so-called fiscal gap, which measures the difference between projected revenues and spending over the long-run, threatens future generations with ten times the current debt burden.
All of this is happening while America is experiencing one of the longest economic expansions in the country’s history with unemployment at historic lows, wages rising (especially for those with lower incomes), and an economy that continues growing and expanding despite headwinds.
No matter, how one squares the numbers, they all tell the same story. The U.S. fiscal situation is highly unsustainable and points toward a fiscal crisis in the making.
By 2050, debt borrowed in credit markets is projected to reach 180 percent of gross domestic product (GDP). That’s far higher than the U.S. has ever experienced, and it won’t stop rising there.
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