Capitol Report: CBO forecasts ‘unprecedented’ debt levels as America ages

By 2049, U.S. debt will reach 149% of GDP, the CBO projects.

The fiscal health of the United States is projected to deteriorate as the aging of the population pushes up spending on Social Security and Medicare, according to a new estimate released Tuesday.

Under its most likely scenario, the Congressional Budget Office said the debt held by the public would reach what it calls an “unprecedented” level of 149% of gross domestic product in 2049, up from 78% in 2019.

That would put the debt compared to the economy well over levels seen during World War II.

In addition to the aging of the population — driven both by the baby boomers as well as increasing life expectancy — rising health costs per person also would drive Medicare spending higher, the CBO said.

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