Federal deficit spiked to $3.1 trillion in 2020, largest since WWII
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(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…) ]
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