""There's a sense that there are all of these threats gathering on the horizon, and probably a recognition that our political system does not seem remotely equipped to deal with any of them.""
""Neither party has any credibility on the debt or deficit right now. We've been on a 25-year binge of spending increases and tax cuts, and both of them have signed off on it.""
No Labels released a fictional report titled Nightmare on Main Street, depicting a 2029 scenario where weak Treasury bond auctions lead to an economic collapse worse than the Great Depression. This report coincides with the U.S. gross national debt surpassing $39 trillion, with net interest payments exceeding $1 trillion. The Congressional Budget Office forecasts a federal deficit of $1.9 trillion in 2026, escalating to $3.1 trillion by 2036. The report emphasizes the lack of credibility from both political parties regarding debt management.
Read at Fortune
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