Mark Lennihan, AP
The accelerating growth of the national debt has outpaced Congressional Budget Office predictions up to 10 years, according to George Mason University.
U.S. debt was half of the country’s total revenue in 2009, 10 years ahead of the 2019 prediction set by the CBO in 2007.
National debt is set to increase to 80 percent of GDP by 2014 according to the current projection by the CBO. This is set for five years before the projection given in 2009 and 13 years before the projection in 2007.
Analysis of over 200 years of data indicates that once a nation’s national debt climbs higher than 90 percent of GDP, growth slows. While growth only slowed by 1 percent in some places, others fell by 50 percent, according to the study "Growth in a Time of Debt" by Carmen Reinhart and Kenneth Rogoff.
The national debt currently grows at levels higher than $16 trillion, according to U.S. Debt Clock..
- For a waitress, sexual harassment is an...
- What you need to know about massive air bag...
- Out-of-patience investors sell off Amazon
- Ridesharing company Uber launches in Nevada
- US halal food supplier indicted over beef...
- Lehi-based Vivint debuts innovation facility
- High school grads to get free ride at North...
- Egg freezing is now a perk of the workplace....
- Support for statewide nondiscrimination... 20
- For a waitress, sexual harassment is an... 9
- Customer decline hits McDonald's sales,... 4
- Egg freezing is now a perk of the... 4
- Lower gas prices could mean economic... 3
- Survey: Harassment a common part of... 2
- Q&A: Journalist Dan Rather speaks on... 2
- EPA: Gas mileage inflated on 4 Mini... 1