"Year-end data from the September 2021 Monthly Treasury Statement of Receipts and Outlays of the United States Government show that the deficit for FY 2021 was $2.8 trillion... As a percentage of GDP, the deficit was 12.4 percent, a decrease from 15.0 percent in FY 2020."
Time to discuss US fiscal reality:
Republicans: The US budget deficit FELL after Trump from 15.0% of GDP in FY 2020 to 12.4% & it is set to fall further under Biden's very humble budget proposals.
Trump was the big waster on unjustified tax cuts for the richest.
Republicans: The US budget deficit FELL after Trump from 15.0% of GDP in FY 2020 to 12.4% & it is set to fall further under Biden's very humble budget proposals.
Trump was the big waster on unjustified tax cuts for the richest.
I would love to see some serious economic US journalists discussing the US budget deficit year after year in % of GDP & not in meaningless trillions for unknown how many years.
The US public (journalists & politicians) need to become numerically literate!
The US public (journalists & politicians) need to become numerically literate!
@EdwardGLuce explains that Biden's budget proposals amount to just 1% of GDP in additional expenditures, which leave the US government badly underfinanced. The coal industry (Manchin) & pharmaceutical industry (Senema) have won.
ft.com/content/281826…
ft.com/content/281826…
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