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Story summary
- Penn warns that a debt level of 210 % of GDP would require a 15-point tax hike.
- Debt-to-GDP is about 100 % now, projected to reach 175 % by 2056 with a 25 % chance of 210 % within 14 years if costs rise.
- Bernard Yaros says fiscal news could raise bond premiums, urging Congress to act as Social Security and Medicare risk insolvency by 2034.
