Federal deficit spiked to $3.1 trillion in 2020, largest since WWII
Tuesday, November 10, 2020 | Tag Cloud Tags: Congress, deficit, Economy, News, War, Washington, Worthy News | Learn about our FREE SYNDICATION Service | Sign up for our Worthy Briefs! | Printer Friendly
(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…) ]
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.