US Budget Deficit Explodes by Over 300% to New All Time High of $3.1 Trillion Posted by Brian Ford on October 19, 2020
The US government ran an all-time-high budget deficit of $3.1 trillion for the fiscal year ending in September. That’s up an incredible 300% from $984 billion last year.
The majority of that increase was due to the government’s economic response to the Coronavirus fallout. In a few short months they passed 4 financial relief bills totaling $2.4 trillion according to the Congressional Budget Office.
The bottom line, the US collected just $3.420 trillion in revenue but spent $6.552 trillion. No matter how you put it, that’s not sustainable.
Nor is the staggering national debt of over $27.1 trillion. And that doesn’t even include the over $100 trillion in unfunded liabilities like Social Security and Medicare.
How long can this go on? Won’t the music stop at some point? And when it finally does, will you have a chair or will you be left standing?