Unless US President Donald Trump and US Congress together efforts to counter the growth of public debt, a nightmare come to pass that the US will lead the country to a tax explosion.
The current state of the US economy
According to the US magazine The National Interest , US public debt is at its highest level that has not been seen since World War II.
The annual US deficit-the macroeconomic index representing the difference between expenditures and revenues of a state-will experience a sharp growth in the next decade and will reach 2.9% of GDP this year to 9.8% in the next three decades, reaching one trillion dollars.
The combination of such factors as demographic changes, spending on health care and the growth of interest will lead to a fiscal explosion in the North American country.
This explosion will result in US public debt could reach 150% of GDP in 2047. This high rate represent risks to US prosperity of the country, highlights the article.
sualmente growth of public debt is associated with the decline in economic growth is reflected in the worsening environment for business and reducing revenues.
action is needed
President Donald Trump came to power in the United States put economic growth at the top of his presidential agenda and this goal set out in the draft budget recently submitted to Congress.
"The policies of Trump pursue the goal of reducing costs and contribute to economic growth. For 2027, when the budget is balanced, public debt will decrease to 60% of GDP," said a source from the White House, cited by the middle.
According to The National Interest, the US Congress and Donald Trump have to work together to develop a responsible fiscal agenda.
This agenda should include cutting unnecessary and improper expenditures, reforms in the field of health, and a tax reform that is capable of reducing harmful distortions of savings, investment and production in the US.
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