US Budget Deficit 3.1 Trillion in 2020

[falc39]

Just going to leave this here if anyone still cares...

U.S. budget deficit breached $3.1 trillion in 2020 as pandemic slammed economy (https://www.washingtonpost.com/us-policy/2020/10/16/2020-budget-deficit-coronavirus/)


New White House data show how a huge surge in spending to confront the economic fallout fueled a historic increase in debt.

The U.S. budget deficit eclipsed $3.1 trillion in the fiscal year that ended Sept. 30, according to government data released Friday, by far the biggest one-year gap in U.S. history.

The data are a stark reflection of the staggering blow that the coronavirus pandemic has dealt to the U.S. economy.

The deficit — the gap between government spending and tax revenue — shows the dramatic surge in spending the U.S. government approved to contain the pandemic’s fallout earlier this year.

The deficit last year was about $1 trillion, which represented an elevated level but pales in comparison with this year’s tally. For 2020, the government spent $6.552 trillion, up from $4.447 trillion one year ago, according to the data released jointly by the White House and the Treasury Department. The government brought in $3.420 trillion in tax revenue this year, a slight decrease from 2019

[bladefd]

That does worry me. Before the pandemic hit, we were on pace for like $1.2 trillion deficit. Then goes up to $3.1 trillion.

I'm hoping once COVID is out of the picture, economy will go through a big comeback. With Biden, I'm hoping his administration would return taxes to 2017 levels before the massive Trump tax cuts and bring down military budget to $500bn & eventually around $400bn. I think we can easily slash another $200bn/annually with universal healthcare, but Biden/Trump is not going to do universal healthcare unfortunately. If we can get deficit to around $600bn through Biden term, that's in the right direction I guess. That would be latter few years of Obama level deficits.. Funny how Trump essentially doubled Obama deficit in about 2 and half years (and that's before COVID).

[n00bie]

It's the new norm now. No one cares about deficits anymore.

Just keep building up that debt and let the next generation deal with it.

[KennyPowers]

It's the new norm now. No one cares about deficits anymore.

Just keep building up that debt and let the next generation deal with it.

Evil liberals reincarnated back into the hell they created. Eventually it will be a land of fire where you left trapped reincarnated at the end of earth's existence. A heaping trash pile with no more resources due to harvesting thenm all and destroying them all through wars and pollution. Everything being cut gown, paved and built over. People will be left to live in the hell they turned earth into. Me included I assume. Everything is mass produced and covered in package. Shipped in boxes. Burning oil. Using water and polluting water. Cutting trees/oxygen and polluting the air. What a world we have built... Nature and living on what we need is long gone. People can have a place to live with gas, electric, heating, air, washer, dryer, dishwasher, stove, oven, microwave, tv, computer, video games, cars, jordans, iphones etc... Its not enough. Want more, think they deserve more. People today are spoiled destroying the world as they want more more more. This place would be the perfect place to use as hell when people finish destroying it.

[starface]

That does worry me. Before the pandemic hit, we were on pace for like $1.2 trillion deficit. Then goes up to $3.1 trillion.

I'm hoping once COVID is out of the picture, economy will go through a big comeback. With Biden, I'm hoping his administration would return taxes to 2017 levels before the massive Trump tax cuts and bring down military budget to $500bn & eventually around $400bn. I think we can easily slash another $200bn/annually with universal healthcare, but Biden/Trump is not going to do universal healthcare unfortunately. If we can get deficit to around $600bn through Biden term, that's in the right direction I guess. That would be latter few years of Obama level deficits.. Funny how Trump essentially doubled Obama deficit in about 2 and half years (and that's before COVID).


:roll:

No it doesn't.

[falc39]

That does worry me. Before the pandemic hit, we were on pace for like $1.2 trillion deficit. Then goes up to $3.1 trillion.

I'm hoping once COVID is out of the picture, economy will go through a big comeback. With Biden, I'm hoping his administration would return taxes to 2017 levels before the massive Trump tax cuts and bring down military budget to $500bn & eventually around $400bn. I think we can easily slash another $200bn/annually with universal healthcare, but Biden/Trump is not going to do universal healthcare unfortunately. If we can get deficit to around $600bn through Biden term, that's in the right direction I guess. That would be latter few years of Obama level deficits.. Funny how Trump essentially doubled Obama deficit in about 2 and half years (and that's before COVID).

I feel COVID has messed up everyone's expectations. There are talks about a recovery but no one knows what that actually should be. What are we recovering from? If it's just COVID, normalcy before COVID were budget deficits at Great Recession levels, and that was supposedly a "good" economy. If we take it back to that, is that a win? It can't be. If Trump remains president, there is nothing in his actions to show he would do anything differently than what he already has done, which is run up the deficit. I have a lot of doubts Biden can do it if he also wants to spend and spend more.

This is also all under the assumption that a recovery from COVID is in the near-future. Majority of economists don't even think that and it's very likely the wrong assumption to make.

[falc39]

Evil liberals reincarnated back into the hell they created. Eventually it will be a land of fire where you left trapped reincarnated at the end of earth's existence. A heaping trash pile with no more resources due to harvesting thenm all and destroying them all through wars and pollution. Everything being cut gown, paved and built over. People will be left to live in the hell they turned earth into. Me included I assume. Everything is mass produced and covered in package. Shipped in boxes. Burning oil. Using water and polluting water. Cutting trees/oxygen and polluting the air. What a world we have built... Nature and living on what we need is long gone. People can have a place to live with gas, electric, heating, air, washer, dryer, dishwasher, stove, oven, microwave, tv, computer, video games, cars, jordans, iphones etc... Its not enough. Want more, think they deserve more. People today are spoiled destroying the world as they want more more more. This place would be the perfect place to use as hell when people finish destroying it.

It's obvious that American's over-consumptive nature has harmed us more than we could ever imagine. It's one of the reasons why the economic shock from COVID was felt much worse here. We have an economy that discourages saving and no one had anything saved up to be able to handle any shocks. Such shocks then can easily send the economy into a tailspin without constantly pumping in more cash and bailing out businesses.

[Luka Doncic]

It's obvious that American's over-consumptive nature has harmed us more than we could ever imagine. It's one of the reasons why the economic shock from COVID was felt much worse here. We have an economy that discourages saving and no one had anything saved up to be able to handle any shocks. Such shocks then can easily send the economy into a tailspin without constantly pumping in more cash and bailing out businesses.

I agree with this. We have to take responsibility for our own doings. People get caught up in the good life while I am living modestly and saving. I do splurge but not as crazy as one may think. I have 6k in debt. No car payments and a nice stock portfolio.

I worked during covid and even got a 25% hazard raise.

I don’t fault the government just the consumerism of America which is an American value btw.

Biden is going to raise taxes and capital gains taxes which is going to affect me when I sell certain assets. I’m not rich. Just middle class and he will hurt us the most. If you guys think taxing the wealthy to cover our share of taxes then you are dead wrong.

Vote with your money in mind. It has always been this way. Don’t get emotional because you think Trump is mean.

No sane person will vote for Biden because they like him. It’s anyone but Trump. How does it feel to know you have to vote for a guy you don’t really like just because you hate Trump? That’s what I see from these people that are supposedly supporting Biden.

[bladefd]

I feel COVID has messed up everyone's expectations. There are talks about a recovery but no one knows what that actually should be. What are we recovering from? If it's just COVID, normalcy before COVID were budget deficits at Great Recession levels, and that was supposedly a "good" economy. If we take it back to that, is that a win? It can't be. If Trump remains president, there is nothing in his actions to show he would do anything differently than what he already has done, which is run up the deficit. I have a lot of doubts Biden can do it if he also wants to spend and spend more.

This is also all under the assumption that a recovery from COVID is in the near-future. Majority of economists don't even think that and it's very likely the wrong assumption to make.

Well, those 3 things I mentioned (remove Trump tax-cuts, military budget to $400bn, universal healthcare savings to healthcare industry) can bring us down to around $200-300bn annual deficit. After that, you would have to figure out other cuts. So obviously it would not solve the issue but take you in the right direction. After that you can work further on cuts elsewhere like social programs or agriculture or energy to try to balance the equation. Perhaps sell more technology to other countries, do studies focused on raising efficiency of say energy sector, etc