It’s a little unnerving that we’re seeing record budget deficits, soaring government debt, and steadily rising interest rates–all at the same time. How much of this can be undone? And how did we get here? The short answer is, government spending remains notably higher than it was pre-Covid, while revenues are more or less the same. And the fact that…
It's a little unnerving that we're seeing record budget deficits, soaring government debt, and steadily rising interest rates--all at the same time.government spending remains notably higher than it was pre-Covid, while revenues are more or less the samewhile our borrowing costs have soaredHere's what we know: the budget deficit has doubled over the past year, to $. It would have actually been $2.
--and revenues as a result are running just under 17% of GDP, more in line with the 17.7% historical average, according to CRFB.Sign up for NBC LA newsletters. The trouble is that government spending, at the same time, remains structurally higher than it was pre-pandemic. Spending is about three points higher than it used to be, at 24% of GDP. And there isn't any one"big" reason for that jump, but a broad range of increases, including higher COLAs for Social Security and Medicare. Subtract that from revenues, and that's how you end up with a deficit that is running 7.
larger than any other year in history in which we did not face a war, recession, or other major emergencythe rising cost of paying interest on our debt, in a kind of fiscal"doom loop." The government paid nearly half a trillion dollars in interest last year, out of roughly $6 trillion in total spending. That's
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