Broke Planet

The world is in debt:

The IMF’s latest Fiscal Monitor report, released on Oct. 15, projects that global public debt will exceed $100 trillion—equal to about 93 percent of global gross domestic product (GDP)—in 2024, and that it could approach 100 percent of GDP by the end of the decade. The United States, in particular, faces significant risks if fiscal policies are not adjusted urgently. The report emphasizes that countries, including the United States, need to address debt risks with carefully crafted fiscal strategies. It warns that debt levels could be worse than anticipated because of large spending pressures, sizeable unidentified debt, and overly optimistic debt projections. Unidentified debt, which refers to liabilities that do not appear explicitly in budget documents—such as contingent liabilities, losses at federally owned enterprises such as the U.S. Postal Service, and other off-balance-sheet obligations—poses a significant risk to debt sustainability, according to the IMF.

Spending their way into oblivion...