The United States is almost certainly on an unsustainable path to an astronomical increase in its national debt, according to a million simulations conducted by Bloomberg.
Bloomberg reported Tuesday that it ran one million simulations of the U.S. debt outlook and found that 88% of them showed borrowing on an “unsustainable path.”
The results come after a forecast by the Congressional Budget Office that the national debt will rise to a staggering $54 trillion over the next decade, as a result of an aging population and increased of federal health care costs. Higher interest rates also compound the pain of higher debt.
Payments are projected to triple, from nearly $475 billion in fiscal year 2022 to an impressive $1.4 trillion in 2032. By 2053, interest payments are projected to increase to $5.4 trillion of dollars To put that in perspective, that will be more than the US spends on Social Security, Medicare, Medicaid, and all other mandatory and discretionary spending programs.
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