In 2009 Carmen Reinhart and Kenneth Rogoff wrote This Time Is Different. 12 years later and the US Debt to GDP rose from under 75% to 132.84%. And the US Senate and House are trying to raise the debt limit by a few trillion dollars. That would be 140% of GDP. But an even scarier figure is the total amount of unfunded entitlements we owe which is 8 times greater than next December’s $30 trillion debt. Luke Gromen said that the true cost of our deficit is the cost of interest on the national debt plus entitlement payments which is already 111% of total tax receipts. This is not sustainable. Gromen sees no easy exit from the very hard times ahead.
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