The flood of federal stimulus and support dollars into the economy, combined with tax revenue lost as millions are jobless and businesses fail, has pushed the federal deficit to a record $2.8 trillion so far this fiscal year, which ends 30 September.
The current year’s deficit is 224 percent greater than the $867 million logged a year earlier.
So far this fiscal year, the U.S. government has spent $5.6 trillion, up 51 percent year-on-year. The treasury’s receipts are $2.6 billion, down 1 percent from the same period in 2019.
Most of that revenue was collected before the economic shutdown took hold. With a slow economic recovery, the deficit this year could reach $3.7 trillion, the Congressional Budget Office estimated.
TREND FORECAST: Again, the larger the debt bubble grows, and we forecast it will grow for years to come, the lower the dollar goes. And, the deeper the dollar sinks, the higher gold prices rise.
