The US Government rarely has a balanced budget…
(It is unique in that the government prints the money)
But as long as your dollar buys you what we all agree is a dollars worth of products or services and the government pays its bills?
Things are fine…
Joe Biden is gonna raise the debt even more to get the people to work so they can pay taxes and the US Government can take in more money and pay down its bill’s….
The remarkable surge in federal borrowing is due largely to the more than $4 trillion in spending approved by the federal government to fight the pandemic since last March. As a result, the federal government’s debt burden will in 2021 be larger than the size of total U.S. gross domestic product — a measure of all the goods and services in the economy, according to CBO. It’s the second time it’s happened, in two years.
Democratic lawmakers and many economists say another spending blitz is necessary to stabilize an economy that has stalled out and a job market that faces the prospect of permanent scarring. Federal Reserve Chair Jerome H. Powell said the unemployment rate for January should be considered closer to 10 percent, rather than the official number of 6.3 percent, due to misclassification errors and workers permanently leaving the labor force….
The U.S. is projected to hold about $21 trillion in debt in 2021, and that number is expected to increase to $32 trillion by 2030. A $1.9 trillion stimulus bill represents a fraction of that increase, although White House officials have also discussed trying to approve a multi-trillion-dollar infrastructure package later this year. The CBO projections also assume the expiration of numerous provisions of the 2017 GOP tax law aimed at the lower and middle class by the middle of this decade.
Marc Goldwein, senior vice president at the Committee for a Responsible Federal Budget, which pushes for deficit reduction, said lawmakers face a long-term challenge in getting spending and deficit levels to balance. That is not something that hinges on the precise size of Biden’s stimulus package, Goldwein said….