GAO: One More Warning on US Federal Debt

The Government Accountability Office is out with a stark new warning on the U.S. federal debt. The Conversable Economist highlights the GAO's projection that to keep debt at one hundred percent of GDP by twenty fifty-six, the government would need to raise revenue by twenty-six percent each year or cut spending by twenty-one percent. The report points to retiring baby boomers and rising health care costs as the main drivers. As the blog notes, no prominent federal policy-maker has yet offered a plan that comes close to addressing the scale of the problem.

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