The Congressional Budget Office has released this year's long-term budget outlook, which shows that if the nation's spending habits and balance sheet remain unchanged, total U.S. debt will exceed 100 percent of GDP by 2040.
In a development that should surprise few, Social Security obligations are a primary culprit in the country's bleak debt outlook.
That ballooning debt trajectory is in spite of this year's reduced annual deficit, which the CBO projects to be 2.7 percent of GDP, down from 2009's peak deficit spending of 10 percent of the economy.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
