Quote:
Originally Posted by anothersteve
That link is well within context considering the posts quoted.
Steve
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"The U.S. budget deficit by year is how much more the federal government spends than it receives in revenue annually. The Fiscal Year 2020 U.S. budget deficit is expected to be $1.1 trillion. That's the largest deficit since 2012.
Spending was high in 2012 to combat the 2008 financial crisis. Tax receipts dropped due to the recession at the same time. Revenues are expected to be the highest in U.S. history in FY 2020"
US Deficit by Year Compared to GDP, Debt, and Events
Nothing political her, just economics. The previous link simply ignored the 2008 depression.
In 2019 and 2020, the biggest item is military spending, not what one refer to as "freebies".
"Social Security and Medicare are mandatory programs that are also expensive, but payroll tax revenues cover most of their expenses."