"Warning: US Debt's Unsustainable Path Could Trigger Fiscal Ruin"
Bloomberg's million simulations indicate that the US national debt is on an unsustainable path, with 88% of them showing borrowing is unsustainable. The Congressional Budget Office forecasts the national debt to reach $54 trillion in the next decade due to an aging population, rising federal health care costs, and higher interest rates. Interest payments are expected to triple by 2032, potentially surpassing spending on Social Security, Medicare, and Medicaid. The debt-to-GDP ratio could rise to 123% in 2034, and even higher in a "higher simulation" scenario, risking America's economic standing in the world. President Biden's administration has approved roughly $4.8 trillion in borrowing, with the national debt reaching $34.5 trillion, leading to concerns about the impact on the economy.