Federal deficit spiked to $3.1 trillion in 2020, largest since WWII


us debt worthy christian news

(Worthy News) – The federal deficit for fiscal year 2020 was $3.1 trillion, or 14.9% of gross domestic product, the Congressional Budget Office reported Monday, the largest as a share of the economy since World War II.

During the war, deficits ballooned to 26.9% of GDP in 1943, but after the war ended, deficit levels dropped precipitously. It wasn’t until the Great Recession that deficits increased to 9.8% of GDP in 2009 before returning to low single digits.

For comparison, deficits for fiscal years 2019 and 2018 were 4.6% and 3.8% of GDP, respectively. [ Source: Washington Examiner (Read More…) ]

14
people are currently praying.

💡 Did you know? One of the best ways you can support Worthy News is by simply leaving a comment and sharing this article.

📢 Social media algorithms push content further when there’s more engagement — so every 👍 like, 💬 comment, and 🔄 share helps more people discover the truth. 🙌

Latest Worthy News

Israel Successfully Launches Advanced Ofek 19 Military Satellite Into Orbit
Trump Seeks Supreme Court Review as Tariffs Hit Record $31 Billion in August
Trump Says Israel Lobby Has Lost Its Grip on Congress, Urges Jerusalem to End Gaza War Quickly
House Oversight Committee Releases 33,000 Epstein Files, Lawmakers Demand Full Disclosure
Britain Mulls Digital ID Cards Amid French Pressure on Migration
Christians Mourn As Fulani Herdsmen Kill Seven In Nigeria’s Benue State
Christian Fights For Abducted Daughter In Pakistan
Russia Blamed For Jamming EU Commission Flight Over Bulgaria
UN: ‘Uranium Traces Found At Syrian Site Hit By Israel’
Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.

Worthy Christian News