The public debt is on track to remain above World War II levels for years
* The U.S. is on track to run annual deficits of $1.3 trillion
* Spending would hit $8.2 trillion in a decade
* Public debt to stay above 100 per cent of GDP
* Budget includes Biden's spending plans for infrastructure, education and health spending, defense, and coronavirus recovery
* Annual deficits have been on the rise since 2015 President Joe Biden is set to unveil a massive spending proposal that includes $6 trillion in government funding for the next fiscal year – an amount that would bring federal spending up to levels not seen since World War II.
The budget would have the nation continue running deficits of more than $1 trillion, a level it already topped with the onset of the pandemic – with estimated annual deficits of $1.3 trillion amid enacted and proposed federal programs.
The spending levels would continue on an upward trajectory, hitting $8.2 trillion at the end of a decade, according to detailed top-line numbers that leaked to the New York Times.
Read more ....
WNU Editor: Here is an easy prediction. Expect high levels of inflation in the coming years. All that I can say is "Thank God" that I do not hold any US currency or long term US bonds.
More News On Reports That US President Biden Will Announce A $6 Trillion Budget On Friday
Biden to Propose $6 Trillion Budget to Boost Middle Class and Infrastructure -- DNYUZ/New York Times
Biden Unveils $6 Trillion Budget That Will Raise Federal Spending To Highest Post-WW2 Level -- Zero Hedge
Biden to push $6 trillion U.S. budget for next fiscal year - NYT -- Reuters
12 comments:
Insane man
Over the edge fools
Go to hell
They're taking your money.
Of that X trillion, about 1 trillion is pork. That's the theft. The crisis get bigger so that the pork gets bigger. And most of the big industries, big tech, pharma, media, defense, spy agencies, they're in on it. They all made hundreds and hundreds of billions for products and services you don't want nor need but are forced onto you, to further take your rights and enslave you.
It's like you paying a psychotic villain to put you into a cage.
Interesting graph. It took until 2020 for debt as a percentage of GDP to reach WW2 era levels. I knew this but had not seen it graphed in this manner before now. During WW2 this had a defined purpose, sort of like "spend money to make money" and once the crisis was resolved the debt is quickly brought down. In contrast, the current situation has no defined purpose or defined endpoint. Anon @ 1:12PM has pretty much nailed it.
"I knew this but had not seen it graphed in this manner before now."
https://tradingeconomics.com/united-states/government-debt-to-gdp
It has been graphed this way in numerous articles over the years.
I question your intelligence or your sincerity.
United States Gross Federal Debt to GDP | 1940-2020 Data ...
Search domain tradingeconomics.comhttps://tradingeconomics.com/united-states/government-debt-to-gdp
Gross federal debt in the United States increased to 107.60 percent of the GDP in 2020 from 106.90 percent in 2019, according to estimates from the Office of Management and Budget. source: U.S. Bureau of Public Debt 10Y 25Y 50Y
United States - National debt in relation to gross ...
Search domain statista.comhttps://www.statista.com/statistics/269960/national-debt-in-the-us-in-relation-to-gross-domestic-product-gdp/
The statistic shows the national debt of the United States from 2015 to 2019 in relation to the gross domestic product (GDP), with projections up until 2025. In 2019, the national debt of the...
US National Debt by Year Compared to GDP and Major Events
Search domain thebalance.comhttps://www.thebalance.com/national-debt-by-year-compared-to-gdp-and-major-events-3306287
The U.S. national debt hit a new high of $28 trillion in March 2021. The debt-to-GDP ratio gives insight into whether the U.S. has the ability to cover all of its debt. A combination of recessions, defense budget growth, and tax cuts has raised the national debt-to-GDP ratio to record levels.
US Total Debt: % of GDP, 1951 - 2021 Data
Search domain ceicdata.comhttps://www.ceicdata.com/en/indicator/united-states/total-debt--of-gdp
United States Total Debt accounted for 895.4 % of the country's GDP in 2020, compared with the ratio of 870.7 % in the previous quarter. US Total Debt: % of GDP data is updated quarterly, available from Dec 1951 to Dec 2020. The data reached an all-time high of 895.4 % in Dec 2020 and a record low of 291.9 % in Mar 1952.
US Debt to GDP - 230 Year Chart | Longtermtrends
Search domain longtermtrends.nethttps://www.longtermtrends.net/us-debt-to-gdp/
Interpretation. In order to allow for comparison over time, a nation's debt is often expressed as a ratio to its gross domestic product (GDP). The total public debt (used in the chart above) is a form of government federal debt.
Federal Debt: Total Public Debt as Percent of Gross ...
Search domain fred.stlouisfed.orghttps://fred.stlouisfed.org/series/gfdegdq188S
Federal Debt: Total Public Debt as Percent of Gross Domestic Product (GFDEGDQ188S) was first constructed by the Federal Reserve Bank of St. Louis in October 2012. It is calculated using Federal Government Debt: Total Public Debt (GFDEBTN) and Gross Domestic Product, 1 Decimal (GDP):
Gross Federal Debt as Percent of Gross Domestic Product ...
Search domain fred.stlouisfed.orghttps://fred.stlouisfed.org/series/GFDGDPA188S
Gross Federal Debt as Percent of Gross Domestic Product (GFDGDPA188S) was first constructed by the Federal Reserve Bank of St. Louis in January 2013. It is calculated using Gross Federal Debt (FYGFD) and Gross Domestic Product (GDPA): GFDGDPA188S = (FYGFD/GDPA)*100
US Federal Debt As Percent Of GDP United States 1920-1930 ...
Search domain usgovernmentspending.comhttps://www.usgovernmentspending.com/downchart_gs.php?year=1920_1930&view=1&expand=&units=p&fy=fy11&chart=H0-fed&bar=0&stack=1&size=m&title=US Federal Debt As Percent Of GDP&state=US&color=c&local=s
The US Bureau of Economic Analysis (BEA) released its Gross State Product (GSP) data for 2020 on March 25, 2021. Usgovernmentspending.com has updated its individual state GSPs for 2019 and projected nominal and real GSP through 2025 for each state using the projected national GDP numbers from Table 10.1 in the Historical Tables for the Federal FY2021 Budget and the historical GDP data series ...
Historical Tables | The White House
Search domain whitehouse.govhttps://www.whitehouse.gov/omb/historical-tables/
Table 7.1—Federal Debt at the End of Year: 1940-2025 Table 7.2—Debt Subject to Statutory Limit: 1940-2025 Table 7.3—Statutory Limits on Federal Debt: 1940-Current
Federal debt of the U.S. - forecast 2031 | Statista
Search domain statista.comhttps://www.statista.com/statistics/216998/forecast-of-the-federal-debt-of-the-united-states/
Federal debt of the United States - forecast 2020-2031 Published by Erin Duffin, Feb 15, 2021 By 2031, the gross federal debt of the United States is projected to be about 40 trillion U.S. dollars....
You question my intelligence or sincerity most likely because you haven't actually taken the time to actually read and analyze what I have posted here in the past. Had you done so I think it would be clear.
As I pointed out, everything contained in the graph is already known to me. I have seen it graphed but not quite in this manner. Had you paid attention to previous posts you would know that my eyesight is poor. As such, graphs typically don't do as much for me as other means of expression.
Thank you for the links. While everything you posted, is already known to me, links can be helpful. As you took the time to do all of this, I must be living rent free in your head for some reason!! I'm not aware that I have insulted you. If I did, please let me know. Perhaps we can discuss. Yet you have chosen to insult me. Had you taken the time to actually read and analyze my posts here I think it would have been apparent to you. Baseless insults such as what you have directed at me have no place and are generally understood as trolling.
I've read and analyzed your postings or droppings.
Like others, I have come to understand you are a troll. Technically speaking, you are a slow troll. You are quite droll and dry. Your trolling is understated and insidious.
"Droppings," here you are with the insults again. As has been said, don't feed the trolls!! By responding to you I may be "feeding" you. Very respectfully as you continue to misrepresent what I say you are either not properly taking the time to read and analyze or you are simply lying.
I explained to you the situation on the graph. I try to be very patient. Had you actually taken the time to read and analyze posts such additional explanations would have been unnecessary.
I'm running out of time as well as patience here. If you or anyone else perceives of a flaw in any of the points I make, time permitting I am happy to discuss. Otherwise it is a waste of time and spoils it for people who really do want to discuss these things in a constructive manner.
Boom!
Boom!
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