CBO: Massive rise in debt; COGwriter: CBO is optimistic

“I will break the pride of your power” (Leviticus 26:19)

The Congressional Budget Office (CBO) released the 2018 Long-Term Budget Outlook. It contained the following:

Each year, the Congressional Budget Office issues a set of long-term budget projections—that is, projections of what federal spending, revenues, deficits, and debt would be for the next 30 years if current laws generally did not change. This report is the latest in the series.

• In CBO’s projections, the federal budget deficit , relative to the size of the economy, grows substantially over the next several years, stabilizes for a few years, and then grows again over the rest of the 30-year period, leading to federal debt held by the public that would approach 100 percent of gross domestic product (GDP) by the end of the next decade and 152 percent by 2048. Moreover, if lawmakers changed current laws to maintain certain policies now in place—preventing a significant increase in individual income taxes in 2026, for example—the result would be even larger increases in debt.

• The federal government’s net interest costs are projected to climb sharply as interest rates rise from their currently low levels and as debt accumulates. Such spending would about equal spending for Social Security, currently the largest federal program, by the end of the projection period.

• Noninterest spending is projected to rise from 19 percent of GDP in 2018 to 23 percent in 2048, mainly because of increases in spending for Social Security and the major health care programs (primarily Medicare). Much of the spending growth for Social Security and Medicare results from the aging of the population. Growth in spending for Medicare and the other major health care programs is also driven by rising health care costs per person. • Revenues, in contrast, are projected to be roughly flat over the next few years relative to GDP, rise slowly … https://www.cbo.gov/system/files/115th-congress-2017-2018/reports/53919-2018ltbo.pdf

Here are two reports about it:

The effects of the TCJA on the long-term budget outlook

The long-term projections include prior CBO estimates that the TCJA would increase investment, employment, and output, offsetting an estimated $571 billion of the law’s costs. The CBO estimates with this macroeconomic feedback, the TCJA will increase the deficit by $1.854 trillion (including interest expense) over the 2018-2028 period. After scheduled expirations take place, though, the CBO notes, “Despite that uncertainty, the overall effects of the permanent provisions of the act, including their macroeconomic feedback, are projected to reduce the primary deficit somewhat from 2029 to 2048.” If Congress were to extend the individual income tax cuts, the long-term impact would change.

Overall, the report projects that increases in spending, driven by an aging population and rising health-care costs, will grow faster than revenues, and lead to structural imbalances in the federal budget. Both spending and revenue as a share of GDP are projected to be larger than their 50-year averages, and federal debt held by the public is projected to reach 152 percent of GDP by 2048. The report cautions that the longer lawmakers wait, the greater policy changes would need to be to reach any particular goal for federal debt.06/28/18 https://taxfoundation.org/congressional-budget-office-projects-spending-growth-will-outpace-revenue-growth/

In its analysis, the CBO assumes the law’s individual-income-tax cuts will expire before the end of this decade. In writing the bill, Republicans set those rates to expire as part of an effort to get their measure to comply with the procedural rules they used to pass it through the Senate. But GOP leaders repeatedly said the tax cuts will not be allowed to expire, promising a future Congress will act to extend them. If the individual tax cuts are extended, the law’s projected additions to the deficit would probably increase dramatically. 06/27/18 https://www.mercurynews.com/2018/06/26/cbo-us-debt-will-almost-equal-economy-by-2028/

I believe that the CBO is being optimistic as massive debt will be worse for the USA than it believes. As the reports above suggest, there are reasons to be less optimistic than the CBO.

While many Americans take pride in the USA dollar, it will one day be worth no more than its scrap value. Increasing debt decreases the value of currency.

The Bible teaches the following about debt in general and end time debt in particular:

7 The rich rules over the poor, And the borrower is servant to the lender. (Proverbs 22:7)

43 The alien who is among you shall rise higher and higher above you, and you shall come down lower and lower. 44 He shall lend to you, but you shall not lend to him; he shall be the head, and you shall be the tail. 45 Moreover all these curses shall come upon you and pursue and overtake you, until you are destroyed because you did not obey the voice of the LORD your God, to keep His commandments and His statutes which He commanded you…47 “Because you did not serve the LORD your God with joy and gladness of heart, for the abundance of everything, 48 therefore you shall serve your enemies, whom the LORD will send against you, in hunger, in thirst, in nakedness, and in need of everything; and He will put a yoke of iron on your neck until He has destroyed you. 49 The LORD will bring a nation against you from afar, from the end of the earth, as swift as the eagle flies, a nation whose language you will not understand, 50 a nation of fierce countenance, which does not respect the elderly nor show favor to the young. 51 And they shall eat the increase of your livestock and the produce of your land, until you are destroyed; they shall not leave you grain or new wine or oil, or the increase of your cattle or the offspring of your flocks, until they have destroyed you. 52 They shall besiege you at all your gates until your high and fortified walls, in which you trust, come down throughout all your land; and they shall besiege you at all your gates throughout all your land which the LORD your God has given you (Deuteronomy 28:42-45,47-52)

3 For the vision is yet for an appointed time; But at the end it will speak, and it will not lie. Though it tarries, wait for it; Because it will surely come, It will not tarry…5 Indeed, because he transgresses by wine, He is a proud man… 6 “Will not all these take up a proverb against him, And a taunting riddle against him, and say, ‘Woe to him who increases What is not his–how long? And to him who loads himself with many pledges’? 7 Will not your creditors rise up suddenly? Will they not awaken who oppress you? And you will become their booty. 8 Because you have plundered many nations, All the remnant of the people shall plunder you (Habakkuk 2:3,5,6-8).

The nation with the greatest debt of all time is the United States of America, and on a per capita basis may be the United Kingdom of Great Britain and Northern Ireland (and they are close if not the per capita debt leader).

It is the United States and its Anglo-allies that have loaded pledges of debt in these end times that they really do not expect to pay back. The debt problems in the USA are bigger than most Americans realize. The federal government has over $21,000,000,000,000 in debt, and this does not count the trillions that the Federal Reserve owes or future debts. The total of all known debt in the USA is so high, that it is not reasonable to conclude that it can be paid off in comparable value short of some major development. Debt will one day result in massive inflation and interest rates that the indebted USA will not properly deal with.

This does not bode well for the USA.

While some place their hopes in US President Donald Trump, he is not one who opposes debt.

In my book, Donald Trump and America’s Apocalypse, I wrote:

Donald Trump and many other American politicians have not run away from increasing U.S.A. debt—that will be to the nation’s peril. …

Although as president Donald Trump inherited a debt-laden nation, his policies, according to his own public pronouncements will continue to lead to, increased U.S.A. debt. … Increasing national debt will lead to destruction at the appointed time of the end (Habakkuk 2:3–8). (Thiel B. Donald Trump and America’s Apocalypse. Nazarene Books, 2017, pp. 35,37)

This is coming to pass. Biblical prophecies are being fulfilled.

Donald Trump once claimed:

I’m the king of debt. I love debt. (Egan M. Donald Trump: ‘I’m the king of debt.’ CNN, May 7, 2016)

Donald Trump also said:

I have borrowed, knowing that you can pay back with discounts. And I have done very well with debt. Now, of course, I was swashbuckling, and it did well for me and it was good for me and all that. …

Now we’re in a different situation with a country, but I would borrow knowing that if the economy crashed you could make a deal. And if the economy was good it was good so therefore you can’t lose. …

I don’t want to renegotiate the bonds, but I think you can do discounting. … I’m not even suggesting that we don’t borrow money at very low rates long term so we don’t have to worry about when they come due. (Kurtzleben D. Donald Trump’s Messy Ideas For Handling The National Debt, Explained. NPR, May 9, 2016)

Nobody knows debt better than me. I’ve made a fortune by using debt and if things don’t work out, I renegotiate the debt. Well, you go back and you say, ‘hey, guess what? The economy just crashed. I’m going to give you back half. (“Trump recession”? Presumptive GOP nominee fires back at Clinton. CBS, June 22, 2016)

It sounds like Donald Trump believes that debt is good and there is nothing wrong with defaulting or otherwise not intending to pay the total debt back. Other USA politicians have also basically suggested paying the debt back in inflated currency or something else other than the original value of the debt.

The Bible says the wicked have that attitude:

²¹ The wicked borrows and does not repay, But the righteous shows mercy and gives. (Psalms 37:21)

Donald Trump has also filed for bankruptcy four times—presumably to not pay back debt, while he claims a financial worth around $10 billion.

He may consider that to be ‘good business,’ but his practices and intents sound biblically immoral.

Yet he, many politicians, and many in the mainstream press seem to love debt.

The debt situation will not turn out well for the USA or UK. It will end in their destruction (Daniel 11:39; Isaiah 17:3).

To learn more about how this will all turn out, please check out the following:

Anglo – America in Prophecy & the Lost Tribes of Israel Are the Americans, Canadians, English, Scottish, Welsh, Australians, Anglo-Saxon (non-Dutch) Southern Africans, and New Zealanders descendants of Joseph? Where are the lost ten-tribes of Israel? Who are the lost tribes of Israel? What will happen to Jerusalem and the Jews in Israel? Will God punish the U.S.A., Canada, United Kingdom, and other Anglo-Saxon nations? Why might God allow them to be punished first? Here is a link to the Spanish version of this article: Anglo-América & las Tribus Perdidas de Israel. Information is also in the YouTube sermons titled Where are the Ten Lost Tribes? Why does it matter? and British are the Covenant People. A short YouTube of prophetic interest may be: Are Chinese threats against Australia for real?
Will the Anglo-Saxon Nations be Divided and Have People Taken as Slaves? Will the lands of the United States, United Kingdom, Canada, Australia, and New Zealand be divided? What about Jerusalem? What does Bible prophecy teach? Are there non-biblical prophecies that support this idea? Who will divide those lands? Who will end up with the lands and the people? Here is a link to a video titled Will the USA and other Anglo-nations be Divided and Their People Made Slaves? Here is a related item in the Spanish language ¿Serán divididas las naciones anglosajonas?
British are the Covenant People What do ‘British’ and ‘Britain’ mean in Hebrew? Are the descendants of the Anglo-Saxons people of the covenant? Does the British royal family connect to the throne of David? What does the Bible teach? What does history show us? Is there any DNA evidence related to British-Israelism? When did Christianity make it to the British Isles? Could Jeremiah have made it to the British Isles? What type of Christians made it to the British Isles? Did the last King of England believe in British Israelism?
The End of US Dollar Dominance Is the USA losing its economic status? What about the petro-gold-yuan? A related video is also available: US Dollar being challenged by Gold-Petro-Yuan.
Blockchain, Karl Guttenberg, and 666. American Express just announced a deal with Ripple related to using its blockchain technology. No longer confined to Bitcoin, blockchain technology is moving towards the mainstream. Former German Economic and later Defense Minister, Karl-Theodor zu Guttenberg has long been an adviser to Ripple and has plans for internationally-expanding the use of blockchain money. Jim Rickards, Doug Casey, and others have expressed concerns that blockchain money will give governments too much control over buying and selling. Could any of this be related to biblical prophecies in the Books of Daniel and Revelation? Could any of this help fulfill the prophecies related to buying and selling and 666 in Revelation 13? Dr. Thiel addresses these issues and more in this video. A related written article is also available: Amex launches blockchain-based business payments using Ripple: Prelude to the Beast and 666??
Who is the King of the West? Why is there no End-Time King of the West in Bible Prophecy? Is the United States the King of the West?
Donald Trump in Prophecy Prophecy, Donald Trump? Are there prophecies that Donald Trump may fulfill? Are there any prophecies that he has already helped fulfill? Is a Donald Trump presidency proving to be apocalyptic? Two related videos are available: Donald: ‘Trump of God’ or Apocalyptic? and Donald Trump’s Prophetic Presidency.
Trump Presidency Magic 8 Ball or Bible Prophecy? BBC reported that one might as well use a ‘Magic Eight-Ball’ to try to predict what will happen in the remaining time of Donald Trump’s presidency. What is a ‘Magic Eight-Ball’? Dr. Thiel not only explains that, but also briefly goes over 10 biblically-based warnings he wrote would happen if Donald Trump were elected that have already began to come to pass. He also goes over something he wrote back in 2008 that the Trump presidency is also helping lead to fulfillment. Should you trust Bible prophecy or not? Dr. Thiel says that Bible prophecy can be trusted, despite the view of skeptics and others that either overlook or despise the Bible. This is a video.
Donald Trump and America’s Apocalypse This 188 page book is for people truly interested in prophecies related to Donald Trump and the United States, including learning about several that have already been fulfilled and those that will be fulfilled in the future. The physical book can be purchased at Amazon for $12.99 from the following link: Donald Trump and America’s Apocalypse.
Donald Trump and America’s Apocalypse-Kindle Edition This electronic version of the 188 page print edition is available for only US$3.99. And you do not need an actual Kindle device to read it. Why? Amazon will allow you to download it to almost any device: Please click HERE to download one of Amazon s Free Reader Apps. After you go to for your free Kindle reader and then go to Donald Trump and America’s Apocalypse-Kindle Edition.