CNBC/9-2-2020
“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.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.”
USAGOLD note: We can remember when a $1 trillion deficit was a very big deal. Now we are at three times that number and few the financial market even blink.
Cartoon courtesy of MichaelPRamirez.com
