Tuesday, November 24, 2020

Tag: Federal Government Posts Largest Deficit in Seven Years

Federal Government Posts Largest Deficit in Seven Years

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by Peter Schiff, Schiff Gold:

The federal debt spiral continues.

The 2018 fiscal year ended Sept. 30 and the US government closed out the year with its largest budget deficit since 2011. Uncle Sam ended 2018 $779 billion in the red, adding to the ballooning national debt.

A combination of new federal spending and shrinking revenue due to the tax cuts accounted for the large deficit.

Meanwhile, the national debt expanded by more than $1 trillion. According to data released by the Treasury Department, it was the sixth-largest fiscal-year debt increase in the history of the United States. (If you’re wondering how the debt can grow by a larger number than the annual deficit, economist Mark Brandly explains here.)