The Congressional Budget Office expected that the federal debt of the United States will expand to about 195 percent of the country's economic output in 2050, in parallel with inflation of 98 percent at the end of 2020 and 79 percent in 2019.
In its annual long-term budget forecast report, the Budget Office indicated that the increase in federal government spending related to the Coronavirus pandemic has accelerated the growth of the US budget deficit and public debt. It is expected that the deficit in the 2020 budget will reach about 16 percent of the gross domestic product of the United States, while it is expected that the annual deficit by 2050 will reach 17.5 percent of the GDP due to high interest costs and increased spending on health care and social security programs.
The report reveals that Americans are facing a more difficult job market at the beginning of the summer, as job losses increased in light of the pandemic, and they became more pessimistic about their employment prospects in the near future. 10.5 percent of consumers surveyed reported losing their jobs between March and July of this year, up from 2.8 percent in July 2019, and the highest level in the survey's history dating back to 2014. The average of those expecting to lose their jobs increased to 3.7 percent in July from 2 percent a year earlier.
Source (Al-Araby Al-Jadeed Newspaper, Edited)
