The Covid-19 shutdown’s, treatment cost’s and economic fallout has had the Federal Government spend YUGE amounts of money it doesn’t actually have….
Tax revenue will be short and the government will have to borrow a whole more to cover costs….
On top of that?
The economy may actually worsen in the next few months as virus cases increase and Republicans, without having to help Trump as President?
Go back to wanting LESS money pumped into the economy to hold it up it and save jobs….
Trump and the Republicans 2017 tax cut/rich give-away has made manner’s worst NOT better and created a duel economy….One for the rich and another for the jobless…
The government’s check book is seriously out of balance …..
The federal deficit surged to a record $3.1 trillion in fiscal 2020, according to Treasury Department figures released Friday.
That figure is more than 2 1/2 times the previous record, which came in at $1.4 trillion in 2009 during the height of the Great Recession.
The deficit was already on track to surpass $1 trillion for the first time in eight years before the COVID-19 pandemic hit, prompting a gargantuan fiscal response from Congress to prop up the economy.
Economists largely agree that deficit spending is crucial in times of crisis to stave off deeper and longer downturns but say that debt must be tackled when the economy recovers.
“We should be borrowing now, but once the economy recovers, our debt cannot continue to grow faster than the economy forever,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget, a budget watchdog group.
MacGuineas does not foresee a change in the debt path after the election, no matter who wins.
“It’s disappointing to see both candidates for president proposing trillions of dollars in additional debt instead of plans to save Social Security and Medicare. The deeper we dig this hole, the harder it will be to claw our way out,” she added.