RSSDebt To 100% of GDP by 2020
The Heritage Foundation | August 28, 2010
If government expenditures continue to grow at their current pace, the national debt will stand at 100 percent of GDP by 2020. Half of all income taxes will go towards the interest payments alone, and each American household will be responsible for $150,000 of that debt. On National Review Online’s The Corner, Brian Riedl, a Heritage budget policy expert, explains that spending will have to decrease or the U.S. will be forced to adapt a European-style value-added tax in order for the country to keep its books in order.
Contributor's website: http://www.heritage.org
Filed Under Activism, Unconstitutional Spending
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