Deficits Don’t Matter

by | Oct 11, 2019

Until they do.

The federal budget deficit for 2019 is estimated at $984 billion, a hefty 4.7 percent of gross domestic product (GDP) and the highest since 2012, the Congressional Budget Office (CBO) said on Monday.

The difference between federal spending and revenue has only ever exceeded $1 trillion four times, in the period immediately following the global financial crisis.

Estimates for the year are predicting the deficit to exceed $1.0 trillion.  The CBO keeps warning about this, but they expect the same people that cause this to fix it.  I’m not optimistic.

The CBO has warned that the nation’s debt is on an unsustainable path. Higher levels of debt increase borrowing costs, make it harder for the government to battle economic downturns and increase the share of future spending devoted to paying off interest costs.

more at The Hill

About Steven Woskow

Steve Woskow is an entrepreneur and was President of Agtech Products, Inc., a research and development company specializing in animal agriculture. He has a Ph.D. in Nutrition and Food Science from Iowa State University. He is retired and lives with his family in Northern Nevada.

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