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Fitch downgraded US credit for only the second time in the country’s history last week.
US government debt is forecast to reach $50 trillion by 2033, per the CBO.
BofA’s Michael Hartnett broke this down to $5.2 billion every day for the next decade.
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In the aftermath of Fitch’s US credit downgrade, one analyst has offered an ominous forecast for the outlook of government finances over the next decade.
In a research note published to investors Thursday, Bank of America’s Michael Hartnett broke that down into one eye-watering figure.
Using data from the Congressional Budget Office, an independent federal agency, that forecasts government debt will rise from $32.5 trillion now to $50 trillion by 2033, Harnett broke this down into US government debt rising by $5.2 billion every single day for the next ten years.
It’s the equivalent of giving every single American citizen $15 each morning. Or, about half the sum Jeff Bezos added to his personal fortune on Friday.
Per the CBO report, debt will jump from 98% of U.S. gross domestic product to 181% by 2053, rivaling ratios seen only during Second World War and the COVID-19 pandemic.
Fitch’s downgrading was only the second time the US has experienced a dent in its creditworthiness. The last time was in 2011.
The downgrade comes after the government hit its $31.4 trillion borrowing limit in January – brokering an aversion in the 11th-hour to raise the debt ceiling. It expects to have to borrow another $1 trillion in the third quarter of 2023 alone. Under the current laws, this fiscal hole shows no sign of narrowing over the long-term.
“Such high and rising debt would slow economic growth, push up interest rates to foreign holders of U.S. debt, and pose significant risks to the fiscal and economic outlook,” the CBO said in a statement last Wednesday.
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