This is very concerning!
Federal budget deficits and federal debt are out of control at least since the Deep Recession of 2008!
"The Congressional Budget Office today [9/2/2020] forecast that the 2020 budget deficit will exceed $3 trillion for the first time in American history. At 16 percent of the economy, it is also the largest deficit since World War II. ... The national debt—which opened the year at $17 trillion—is projected to soar to a staggering $33 trillion by the end of the decade. ... Still, the largest deficit drivers are Social Security and Medicare. The yearly shortfalls of those systems are set to rise from $500 billion to $1.8 trillion over the decade. ... The danger is that—at debt levels of $33 trillion—each 1-percentage-point rise in the average interest rate paid by Washington will cost $300 billion in annual interest costs [hitting the federal budget] ..."
MI Responds: CBO Forecasts Historic Doubling of the National Debt | Manhattan Institute
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