Unprecedented Levels Of Government Borrowing Could Lead To A Market Shock

We know that our U.S. government spending and borrowing is bad. But now the head of the CBO (Congressional Budget Office) has issued a warning.

"This new CBO report estimates that by sometime in the 2030's, so it is not that far off" said Joel Griffith, economist with The Heritage Foundation, "We could be spending more than half of all of our tax revenue each year just on the interest on the existing government debt."

The borrowing has reached an unprecedented level, and experts warn of not only a possible shock to the market, but also a fiscal crisis in the U.S. as soon as next year.

"Look, we have borrowed $34 trillion dollars already in this country" Griffith told KTRH, "That's nearly $400,000 dollars per family of four."

And that's not good, with experts warning that we need a course correction - quickly.

"If you don't like the inflation that you've been experiencing the past few years and the lower quality of life, you're certainly not going to like what will follow it" noted Griffith.

Bloomberg recently did a study with one million economic simulations of our U.S. debt, and 88% of them showed that our country's debt is unsustainable.

The report also warns that our skyrocketing U.S. debt might prevent us from crucial borrowing in the future.