US Federal Debt to Exceed Annual GDP For the First Time Since World War II (user search)
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  US Federal Debt to Exceed Annual GDP For the First Time Since World War II (search mode)
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Author Topic: US Federal Debt to Exceed Annual GDP For the First Time Since World War II  (Read 3084 times)
Frodo
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« on: September 02, 2020, 06:42:11 PM »

A harrowing US economy milestone: Federal budget deficit projected to hit a record $3.3T

Quote
The federal budget deficit is projected to hit a record $3.3 trillion as huge government expenditures to fight the coronavirus and to prop up the economy have added more than $2 trillion to the federal ledger, the Congressional Budget Office said Wednesday.

The spike in the deficit means that federal debt will exceed annual gross domestic product next year – a milestone that would put the U.S. where it was in the aftermath of World War II, when accumulated debt exceeded the size of the economy.

The $3.3 trillion figure is more than triple the 2019 shortfall and more than double the levels experienced after the market meltdown and Great Recession of 2008-09. Government spending, fueled by four coronavirus response measures, would register at $6.6 trillion, $2 trillion-plus more than 2019.
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