From the recent Peterson-Pew Commission on Budget Reform report:
source: Peterson-Pew report at 8
As the report explains:
Under the Commission’s fiscal baseline, the public debt is expected to grow to 85 percent of GDP by 2018. Beyond 2018, the situation will deteriorate with the debt surpassing 100 percent of GDP in 2022 and reaching 200 percent in 2038.MORE:
The widening gap between spending and revenue will result from the growth in government spending, driven primarily by the aging population and growing health care costs, and a revenue base that grows more slowly. As projected by the Commission’s fiscal baseline, non-interest spending will grow to 22 percent of GDP in 2018 and to 27 percent in 2038. This higher spending would also cause interest payments to grow dramatically, adding nearly 4 percentage points of GDP to spending in 2018 and almost 9 points in 2038.
In 36 pages this report lays out the fiscal situation, which is serious. We have about ten years, and we need to take action during those ten years.(via Washington Examiner)