I have a great fondness for charts, as I’ve demonstrated before. This one is, I think, a good antidote for the “we’re all going to drown in debt and die” hysteria we’ve been hearing out of Washington for the last year or so. As the Economic Policy Institute explains:
Over the last three years, the long-term budget outlook (covering 75 years) if current law is followed has improved dramatically. In 2009, the Congressional Budget Office projected that debt held by the public would rise from around 60 percent of GDP to roughly 300 percent of GDP in 75 years. In contrast, in 2012 the CBO has projected that debt will consistently fall—and even be fully paid off by 2070.
It’s one of 10 charts the EPI has selected as best of 2012. You can find the others here.