Posted on 10/22/2021 4:46:15 PM PDT by Half_Retired
The U.S. budget deficit totaled $2.77 trillion for 2021, the second highest on record but an improvement from the all-time high of $3.13 trillion reached in 2020. The deficits in both years reflect trillions of dollars in government spending to counteract the devastating effects of a global pandemic.
The Biden administration said Friday that deficit for the budget year that ended Sept. 30 was $360 billion lower than 2020, as a recovering economy boosted revenues, helping to offset government spending from pandemic relief efforts.
Before the deficit ballooned during two years of a global pandemic, the biggest deficit had been a shortfall of $1.4 trillion in 2009. At that time, the U.S. was spending heavily to lift the country out of a severe recession following the 2008 financial crisis.
As a percentage of the overall economy, as measured by the gross domestic product, the 2021 deficit represents 12.4% of GDP, down from the 2020 deficit, which was 15% of GDP.
(Excerpt) Read more at apnews.com ...
I just saw a Jimmy Walker commercial on t v promoting Biden’s Build Back Better plan. It’s free! Dy-no-mite!
At this point the actual number is no longer relevant.
L
We are spending over $400 billion a year on debt servicing costs alone.
“We are spending over $400 billion a year on debt servicing costs alone.”
Like I said….
L
Because it's an auction house not a government.
a trillion here....a trillion there......Why don’t they just raise the so-called “debt ceiling” to 800 septillion dollars and be done with the farce?
Dont we actually have to have a budget in order to have a budget deficit?
These knobs haven’t passed a budget for many years now.
Well, if HISTORY has taught us OLD FOLKS anything, I’d say WW III is pretty much around the corner.
That is, unless we’re too busy fighting Civil War II in our own American streets.
I guess we’ll see. :(
Ouch! That’s gonna leave a mark.
“a trillion here....a trillion there......Why don’t they just raise the so-called “debt ceiling” to 800 septillion dollars and be done with the farce?”
Because the farce is everything, instead of goodby they say, “May the FARCE be with you.” Anyway 800 septillion wouldn’t last them more than a couple of years.
It's an overwhelming debt that cannot be repaid.
What is not stated in this article is that 61% of U.S. citizens (close to 200 million souls) pay $0.00 in federal taxes and many of them get refunds.
This is a pending catastrophe.
We live in a, "fait accompli", socialist state.
So, where are we now, 25 or 30 TRILLION in the hole WITHOUT counting Medicare, Medicaid, and Social Security’s money. With those, it is around $250 TRILLION in the hole. Stop this saying, this will make our grandchildren and great-grandchildren paying off OUR debt. Because THOSE TWO GROUPS will not touch those figures and bring them to zero. It will take 15-great-grandchildren to get it done, if then.
Merry Christmas, grandchildren!
And to boot, we’re going to add another $3.5 trillion for your birthday!
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