One of the greatest challenges to this country is not necessarily trying to curb the spread of COVID-19, but rather the financial destruction of our economy as the federal budget deficit tops $3.1 Trillion.
From the New York Times:
The federal budget deficit soared to a record $3.1 trillion in the 2020 fiscal year, official figures showed on Friday, as the coronavirus pandemic fueled enormous government spending while tax receipts plunged as households and businesses struggled with economic shutdowns.
The shortfall underscores the long-term economic challenge facing the United States as it tries to emerge from the sharpest downturn since the Great Depression. Interest rates are low — meaning it costs less for the government to borrow money — but the ballooning deficit is already complicating policy choices as Republicans resist another large stimulus package, citing concerns about the U.S. debt burden.
The deficit — the gap between what the U.S. spends and what it earns through tax receipts and other revenue — was $2 trillion more than what the White House’s budget forecast in February. It was also three times as large as the $984 billion deficit in the 2019 fiscal year.
The current slate of Presidential candidates has failed to ignore the looming threat this country faces. As we get closer to $30 Trillion in financial debt we have a real problem on our hands. Our economy is propped up by an artificial economic recovery that is about to burst. Congress ignores the growing spending bills and money flowing out of the treasury.
We have not seen this large of a budget deficit in recent memory.
The two major parties will not stop this reckless spending and continue down a financial path of destruction.