_{ECONOMIC NEWS}
Million Simulations Reveal U.S. Debt Trajectory as 'Unsustainable'

Bloomberg conducted a million simulations on the U.S. debt outlook, revealing that 88% of them show the nation's borrowing is on an "unsustainable path." The Congressional Budget Office forecasts the national debt will reach $54 trillion in the next decade due to an aging population and rising federal health care costs, compounded by higher interest rates. Interest payments are expected to triple from nearly $475 billion in 2022 to $1.4 trillion in 2032, and surge to $5.4 trillion by 2053, exceeding the spending on major programs like Social Security and Medicare.

The debt-to-GDP ratio is projected to rise to 123% by 2034 and could reach as high as 185% by 2050 in a "higher simulation" scenario. The national debt has already hit $34.5 trillion, a significant increase from $907 billion four decades ago, with recent spikes due to spending by President Biden and Democratic lawmakers. Biden has defended his administration's spending, claiming a reduction in the national deficit by $1.7 trillion in his first two years, although this is attributed to the expiration of emergency COVID-19 measures. The White House has also pointed to Republicans for the rise in debt in recent years. Read More.

_{FINANCIAL FOCUS}

Unprecedented Number of People Claim Their Taxes Are Excessive

A record number of voters believe their taxes are too high, with 64% expressing this sentiment, an increase of 9 percentage points since 2019 and 13 points since 2004. The feeling that taxes are too high has risen across various groups, especially among Republicans, Hispanic voters, independents, and White voters. In contrast, fewer Democrats feel their taxes are too high.

Despite this, slightly more voters prefer the federal government to lend them a hand (49%) rather than leave them alone (46%), a shift from the trend observed between October 2011 and February 2019, when voters mostly wanted to be left alone. This change occurred around six months into the COVID-19 pandemic.

Two-thirds of Democrats now prefer government assistance, while two-thirds of Republicans favor less government intervention. Economic views remain negative, with 73% rating the economy as fair or poor, but this is an improvement from previous ratings. Over half of the respondents feel they are financially worse off compared to four years ago.

President Biden's approval rating on the economy is at 38%, his best in a year, but lower ratings are observed for inflation and immigration. Overall, 41% approve of Biden's job performance, while 58% disapprove. Read More.