The CBO came out with its deficit projection for the fiscal year.
It’s massive.
The deficit and debt are not problems caused by coronavirus. They’re caused by big government and politicians who won’t stop spending money they don’t have. @mmaharrey10th pic.twitter.com/2qtp53leBU
— TenthAmendmentCenter (@TenthAmendment) September 3, 2020
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And for the first time since World War II, the national debt held by the public will exceed 100 percent of GDP.
A lot of people will just blame this on the coronavirus pandemic and move on. But borrowing and spending was a problem long before coronavirus reared its ugly head.
For Further Reading
Smashing Records: June Monthly Budget Deficit Bigger Than All Years Except Five
Trump Administration Runs Obamaesque Budget Deficit Over $1 Trillion in 2019
Smoke and Mirrors: The “Greatest Economy” is Built on Spending and Debt
The Tenth Amendment Center works to preserve and protect Tenth Amendment freedoms through information and education. The center serves as a forum for the study and exploration of state and individual sovereignty issues, focusing primarily on the decentralization of federal government power. Visit https://tenthamendmentcenter.com/