The national debt is over $34 trillion and is expected to worsen over the next decade.
FILE - Cut stacks of $100 bills make their way down the line at the Bureau of Engraving and Printing Western Currency Facility in Fort Worth, Texas, Sept. 24, 2013. , the U.S. is expected to add $1.9 trillion to the debt this year alone. The report states the 2024 revenue is expected to be $4.9 trillion but the expenses are expected to be $6.8 trillion.
In time, this could raise borrowing costs throughout the economy, deterring private investment and slowing economic growth. Such contraction would have spillover effects into the labor market as employees ultimately bear the costs through depressed wages and lower productivity, disincentivizing their participation in the labor force and further straining the economy," the analysis stated.
The report shows the average healthcare cost per person around the world is $6,414. The U.S. spends $12,555 per person.
U.S. Trillion CBO 2024 Healthcare Costs Economic Growth Medicaid
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