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2021-06-12 Economy
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US Budget Deficit for Current Year Hits Record $2.1 Trillion
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[SHAFAQ] The U.S. budget deficit hit a record $2.06 trillion through the first eight months of this budget year as coronavirus (aka COVID19 or Chinese Plague)
...the twenty first century equivalent of bubonic plague, only instead of killing off a third of the population of Europe it kills 3.4 percent of those who notice they have it. It seems to be fond of the elderly, especially Iranian politicians and holy men...
relief programs drove spending to all-time highs.
The shortfall this year is 9.7% higher than the $1.88 trillion deficit run up over the same period a year ago, the Treasury Department said Thursday in its monthly budget report.
The report showed that spending from October through May totaled a record $4.67 trillion, up 19.7% from the same period a year ago. Government tax revenue was up 29.1% to $2.61 trillion, compared to the same period a year ago.
However,
those who apply themselves too closely to little things often become incapable of great things...
this year's figure was bolstered by tax payments made in May, a month later than the normal April deadline but a month earlier than last year's June deadline.
Since the COVID-19 pandemic hit in March 2020 pushing 22 million people out of work, the government has responded even more forcefully with trillions of dollars in increased spending.
That support has included three rounds of direct payments to individuals, with the last payments authorized in the $1.9 trillion relief package that President Joe The Big Guy Biden
 ...46th president of the U.S. I'm not working for you. Don't be such a horse's ass. ...
pushed through Congress in March.
Other support programs provided billions of dollars in emergency unemployment benefits and forgivable loans.
The deficit for the budget year that ended Sept. 30 totaled a record $3.1 trillion. Biden, who released his first budget earlier this month, is projecting that this year's deficit will total $3.67 trillion and will remain above $1 trillion every year over the next decade, reflecting his ambitious plans to boost spending on infrastructure and American families.
The annual federal deficit first topped $1 trillion in 2009 and remained above that level for four years as a deep recession triggered by the 2008 financial crisis depressed tax revenues and led to increased government spending to fight the downturn.
The deficit in May totaled $132 billion, compared to a deficit in May 2020 of $398.8 billion that heavy spending on the initial pandemic relief programs and the delay of the tax deadline.
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Posted by Fred 2021-06-12 00:00||
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Posted by Menhadden and Company6192 2021-06-12 00:10||
2021-06-12 00:10||
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Posted by Lampedusa Omuting8925 2021-06-12 00:14||
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Posted by trailing wife 2021-06-12 00:24||
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Posted by Procopius2k 2021-06-12 06:25||
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