The numbers: The federal government’s budget deficit soared to a monthly record of $864 billion in June, as Washington doled out huge sums of money to try to aid small businesses and unemployed workers amid the coronavirus pandemic.
The last time the U.S. ran such huge deficits — measured as a percentage of the economy — was during World War II.What happened: Washington spent $1.11 trillion last month, up from $572 billion in May. In the same month a year earlier, outlays were a much smaller $342 billion. A year earlier, the states and federal government spent only $2 billion in June for jobless benefits as the unemployment rate moved to a 50-year low of 3.5%. The unemployment rate now stands at 11.1% officially, though unofficially most economists think it’s several points higher.
Yet stocks still going up. Hmmm
At some point, we'll have to raise taxes
PPP forgiveness, latest grand theft in broad daylight. Not enough that IRS casts a blind eye to offshore tax havens, when it is as simple as making companies pay taxes on revenues generated in US. Society needs to wake up and overhaul the current system
That means they are investing much more.
I haven’t listened but I bet talk radio is on fire with doomsday talk on inflation concerns, treasury defaults and demanding shutdowns over budget limit increases.
Why did you post this twice
All I know is stonks go up.
China should be billed
They'd have to pump $6 trillion more if they want to keep the stocks propped up till year end.
US is going bankrupt soon. End of helicopter money. And simce follar is the reserve currency of the world, it is taking every nation and ally down with it causing a global economic meltdown. It starts in Sep and will fully unfold by mid 2021.
Roger08139013 History will remember Trump as he truly is, grossly incompetent, mentally unstable, willfully ignorant, immoral and egomaniacal. He will forever be an icon of terrible leadership run wild, in a class of only a few from human history that seriously harmed their nations.
Two points: 1) The effort isn't to prop up the economy, but the stock market. 2) Trump ran a $1 trillion deficit to prop up a stock market during a time of economic prosperity.
Ex-Trump CEA official: highest level officials at WH were warned of pandemic disaster in Sept 2019 with a 41 page report predicting 1/2 million Americans dead & $3.7 trillion in damage. Trump ignored it & pulled his pandemic team out of China. coronavirus
How many of that trillions were embezzled to Trump allies?
What is the current percentage of deficit to GDP vs the WWII deficit to GDP percentage?
End of old world, start a new world
sounds bullish to me 🤔
Oh, don't try to blame the deficit on Covid or the pittance sent out to individuals. Talk about the Deficit that sprung up from tax cuts from the marginal tax rates for individuals and breaks for corporate sponsors of the GOP. Talk about how the Deficit was huge before Covid.
$MRNA here's a product that reopens schools, the economy and saves lives. This isn't a crap stock with a regional target audience of 30 somethings. This is global and appeals to everyone. The value for this is far above what people realize.
We are certainly in a fight for our lives right now..
Sovereign currency, can make any rules it wants. Debt really doesn't matter.
The market bubble is about to pop
12 year bull 40k DOW
Oh, now I get the 'wartime president' thing.
Yeah, we ain't paying it back. Who do we really owe that to? Exactly, we'll stock it on them.
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