Donald Trump has repeatedly pledged to slash the national deficit and curb debt during his second term, but a sobering assessment of the nation’s financial health by one of the federal government’s premier fiscal watchdogs suggests Trump 2.0’s policies have not only collectively pushed the federal deficit significantly higher, but put the country on an unsustainable path.

In its latest budget and economic outlook, the Congressional Budget Office (CBO), a nonpartisan federal agency, revised its cumulative deficit projection for the 2026–2035 period upward by $1.4 trillion compared with its forecast from just a year ago.

“Our budget projections continue to indicate that the fiscal trajectory is not sustainable,” CBO Director Phillip Swagel said in a statement, noting the agency’s latest projections. Under laws passed in Trump’s first year back in office, the national debt in 2030 will surpass the historic high of 106% of GDP, which it reached in 1946. Meanwhile, the balance of Social Security’s Old-Age and Survivors Insurance Trust Fund will be exhausted in 2032, one year earlier than the CBO projected last January.

  • SabinStargem@lemmy.today
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    25 minutes ago

    I swapped most of my savings to Euros. A member of my residence thinks that is a weird move. Hopefully, one of us will be wrong.

  • DarkFuture@lemmy.world
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    4 hours ago

    Remember when conservatives at least pretended to be fiscally conservative?

    Now it’s 100% a bigot platform. No room left for pretending about actually governing.

  • boaratio@lemmy.world
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    5 hours ago

    But think about all the bribes and money he was able to personally slurp up. Sure, we’ll have to shoulder the burden as American citizens, but won’t it be worth it if he can afford another golden toilet?

    • Bullerfar@lemmy.world
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      33 minutes ago

      That is the right american mindset right there! USA is a great economy, as long as the 1% gets even more rich. When they get richer, the 99% gets more crumbs. As it should be.

  • A_Random_Idiot@lemmy.world
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    5 hours ago

    simple solution to fix social security, at least, is to remove the cap on contributions, so the billionaires can pay their share.

    I dont know what the fuck we’re gonna do about the debt though.

    • chiliedogg@lemmy.world
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      3 hours ago

      Deficit spending has historically worked out well because the US has been able to borrow at a rate lower than inflation, making it actually cheaper to borrow money and pay it off later. The national debt isn’t much of a concern unless we tank our credit and reputation.

      So it’s a huge fucking concern.

      • MartianHills@lemmy.world
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        57 minutes ago

        My understanding is that our debt burden now equals our GDP with interest payments about 1 trillion dollars annually. Looks like we’re headed into a debt spiral with an economy stalling. Not an economist, but it seems like a worst-case scenario.

        • A_Random_Idiot@lemmy.world
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          42 minutes ago

          Thats okay, we’re also tariffing the fuck out of everyone and alienating any and every trading partner to the point they are seeking to replace us with alternatives.

          Surely that will fix everything.

          • Bullerfar@lemmy.world
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            28 minutes ago

            Yep. Everyone is in the “get out” - phase right now. Tariffs was a weapon for economic war against another country. Trump uses it on allies. Your president and vice president, litterally calling EU blood suckers, and blames us for your horrors. Even though we litterally only bought american tech, infrastructure, militiary equipment, entertainment, etc. To please the united states for keeping us safe. Now you say we gave you Nothing back. This is not a great way of treating trading partners.

  • Nebraska_Huskers@lemmy.world
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    10 hours ago

    I’ve given up people not being able to see evidence right in front of their faces or ignoring it just because it doesn’t agree with their sense of reality it’s just so enraging exhausting I’m so tired I just can’t anymore if Republicans want to just burn everything to the ground fucking whatever. Even if dems gain control they’re not going to do anything to reverse any of the damage he’s done

    • Tattorack@lemmy.world
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      8 hours ago

      What will happen is that Americans will completely ignore this until a president of the opposite party gets elected and is left trying to fix this crap. Then suddenly it’s like “look how incompetent this party is! We’re so in debt right now!”.

    • AdolfSchmitler@lemmy.world
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      9 hours ago

      That’s exactly right. Assuming we get another election a dem will be in power when this shit starts hitting the fan so that’s all maga will blame it on.

  • ssfckdt@lemmy.blahaj.zone
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    17 hours ago

    He’s balancing the budget. Fake news. And that ten million, he deserves it. And those children he had sex with, he only did it to get Epstein arrested. We know the snowflakes don’t like it when we get upset at them not speaking the way we want. They need a safe space from us trying turn America into a place that is secure for white christian people to never be disagreed with or competed with. The bluehairs can’t handle us wasting our gasoline we complained costs too much when we roll coal on them. Lol haha sorry libturds you can’t call us names anymore.

  • TankovayaDiviziya@lemmy.world
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    20 hours ago

    Trump: Wanna see some magic?

    MAGA: Sure.

    Trump: Look over there it’s an immigrant!

    MAGA looks

    Trump pickpockets

    MAGA: Hey, where’s my wallet?

    Trump: Oh look, it vanished and it’s now in my pocket! What a magic!

    MAGA: You’re so great!

  • rogsson@piefed.social
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    15 hours ago

    So what they’re saying is really this is Bidens and Obamas fault? Diaper Donnie had nothing to do with this surely. lol

  • FancyPantsFIRE@lemmy.world
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    24 hours ago

    I predict the administration will take this feedback and examine ways to… just kidding, there will be deranged posts, threats, and some kind of ham handed attempt to take over or disband the CBO.

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      20 hours ago

      I know people in the CBO. They are… bean counters. Very very good bean counters. But, maybe even easier to fascist away than the Fed.

    • joekar1990@lemmy.world
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      23 hours ago

      Don’t forget the 1000 mentions of passing the blame to Biden and how much they have to spend to revive the country or something like that.

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    23 hours ago

    But I heard the SNP is $50,000! They just don’t wanna talk about that.

    • CharlesDarwin@lemmy.world
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      23 hours ago

      Blondi was talking about the Dow Jones when she was trying anything and everything to distract for her coverup on behalf of the Epstein Class.

      </pedantic>

      • manxu@piefed.social
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        21 hours ago

        That rant was very powerful and scary. Fortunately, she was playing to Trump and not giving us her best impression of Lawyer. Unfortunately, the fact this is what the President of the USA wants to see terrifies me.