Making America Poor Again…
The Congressional Budget Office says the federal deficit is now projected to hit a record $3.3 trillion as government expenditures to fight Covid 19 and to support the collapsing economy have so far added more than $2 trillion in debt to US taxpayers. This does not include growing State debt, which will hit taxpayers as well.
It is now almost completely likely that US federal debt under the Trump Administration will exceed annual gross domestic product (GDP ) in 2021. The last time this happened was at the end of World War II, when amassed debt exceeded in value the size of the economy.
Click to Enlarge.
The $3.3 trillion number released Wednesday is more than three times the 2019 deficit. It is also more than twice the levels suffered after the market collapse caused by a failed Republican “free market” theory and the lack of Federal Regulation that caused the Great Recession of 2008-09, which the no-wealthy segments of the population never completely recovered from.
Best guess now – given there still is no national plan to attack Covid 19 – is that Federal spending, from the four corona-virus response measures enacted so far, would total $6.6 trillion – at least $2 trillion more than 2019.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
Our Sinking US Economy Sinks $3.3 Trillion Further
Making America Poor Again…
The Congressional Budget Office says the federal deficit is now projected to hit a record $3.3 trillion as government expenditures to fight Covid 19 and to support the collapsing economy have so far added more than $2 trillion in debt to US taxpayers. This does not include growing State debt, which will hit taxpayers as well.
It is now almost completely likely that US federal debt under the Trump Administration will exceed annual gross domestic product (GDP ) in 2021. The last time this happened was at the end of World War II, when amassed debt exceeded in value the size of the economy.
Click to Enlarge.
The $3.3 trillion number released Wednesday is more than three times the 2019 deficit. It is also more than twice the levels suffered after the market collapse caused by a failed Republican “free market” theory and the lack of Federal Regulation that caused the Great Recession of 2008-09, which the no-wealthy segments of the population never completely recovered from.
Best guess now – given there still is no national plan to attack Covid 19 – is that Federal spending, from the four corona-virus response measures enacted so far, would total $6.6 trillion – at least $2 trillion more than 2019.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.