Right now, debt held by the public is about 77% of GDP. By 2047, if current trends hold, that will grow to 150% of GDP. Imagine having credit card debt more than 50% larger than your income. How would you pay it? That's where we'll be.
We're being driven toward a kind of national bankruptcy, in which tax revenues over the next 30 years will rise from 17.8% of the economy to roughly 19.6%, while spending will soar from about 20.7% of GDP to a shocking 29.4%, leaving massive budget deficits of nearly 10% of GDP and soaring debts that will be difficult for an aging population with a shrinking workforce to pay off.
From about $14 trillion now, our public debt would grow to over $90 trillion. Repeat: $90 trillion.
What's driving this budget insanity? Entitlements. Social Security, Medicare, Disability, and interest on our growing debt. Those things together will grow from roughly 12% of GDP this year to almost 22% of GDP in 2047."