Fortune Magazine: The Deficit Is Growing Far Faster Than Predicted
Article by Erik Sherman in Fortune
The Treasury Department issued its monthly report on receipts and outlays of the government and, for deficit hawks, the news is not good. Money is flowing out far faster than it is coming in.
The first six months of the federal government’s fiscal year, which runs from October through September, saw the annual deficit already reach $691.2 billion dollars. At the same point last year, the deficit was $599.7 billion and the entire deficit for 2018 was $779 billion.
The official estimated deficit for the year is supposed to be just under $1.09 trillion. If the current pace keeps up, the total could run to almost $1.4 trillion.
Although both Democrats and Republicans talk about the problems of deficits, they tend to do so when they are out of power, so no meaningful change happens.
Some argue that the government could keep printing money to pay its debts. Historically, however, that has led to hyperinflation and economic disaster in other countries.
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