The Congressional Budget Office says the country's debt-to-revenue ratio will double over the next 30 years, thanks in large part to Social Security and Medicare obligations to retiring baby boomers.
The country's current debt is 77 percent of Gross Domestic Product, the highest debt-to-GDP ratio since World War II.
By 2047, debt will be 150 percent of GDP, a prospect that will pose "substantial risks for the nation," the CBO says in its report. The country's average debt-to-GDP ratio over the past 50 years is 40 percent.
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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.
