U.S. debt is likely to double as a share of the economy over the next 30 years, according to the Congressional Budget Office.
Considering President Trump’s push for big tax cuts and a promise not to touch key drivers of the debt, the picture could worsen.
Right now the nation’s debt amounts to 77% of GDP. That’s already the highest level since the post-World War II era. If current law remains in effect, it’s on track to jump to 150% by 2047, according to the latest long-term budget projections from the CBO.
…Interest on the debt, meanwhile, will almost quadruple — from 1.4% today to 6.2% by 2047. That’s due to rising rates and the growing pile of borrowed money.
PG View: This has been a major driver for gold for decades and clearly it’s going to continue for decades . . .