WASHINGTON—U.S. government debt will exceed the size of the economy in the government’s 2021 fiscal year, a milestone not hit since World War II that has been brought into reach by a giant fiscal response to the coronavirus pandemic.
The Congressional Budget Office said Wednesday that federal debt held by the public is projected to reach or exceed 100% of U.S. gross domestic product, the broadest measure of U.S. economic output, in the fiscal year that begins on Oct. 1. That would put the U.S. in the company of a handful...
Yet, you continue to endorse Trump policies WSJ. guardian axios FT business TheBlackCaucus HispanicCaucus OversightDems CREWcrew ForTheRuleOfLaw RVAT2020 ProjectLincoln
“Amount of risk-free savings issued by the government and held by the non-government sector is set to exceed size of the economy next year”
GDP is a rate ($ / time period). Debt is a level. Debt to GDP is meaningful, but these comparisons make it seem like annual GDP = national debt it some sort of tipping point.
The gov didn't 'spend trillions to combat COVID-19.' They created trillions and the biggest upward transfer of wealth in history. The debt isn't real, yet the working class will still be on the hook for it while the rich get richer. Fuck this place.
Money is fake, just make more or take a bunch from the billionaires. Who cares.
who cares?! money is fake!
Bil China
'Breaking: U.S. government debt next year will exceed what the economy produces, a mark not seen since World War II, as the federal government takes advantage of a health crisis to continue grifting trillions for the already-rich.' 'Ere ya go, fixed.
yikes! we all remember how devastating to the US economy that WWII era was
who care
Trump and the Republican Party have done a great. And people want to vote this president back into office..UNREAL..
How does this headline not have trumps name it or the picture his face on it. HES THE ONE WHO DID IT
Stop fear-mongering this means nothing
Political thinking relates to the 3 to 1 rule...i.e, so long as the interest on the National Debt does not exceed 33% of the Annual US tax Revenues. Politicians think we are OK. This is similar to the standard lenders use in approving home loans. The current rate is 21%.
Guess we're gonna have got close some bases and end some wars and interventions.
this is bullshit put out by the 1% to grease the skids for austerity
Well so long as there's $4 trillion for the wars in Afghanistan and Iraq. That's the main thing.
Screw your austerity.
Time to cut military spending in half, get rid of the ExIm bank, stop giving billions to Israel, end the carried interest deduction, enact a Tobin tax and raise taxes on the corporations and millionaires. Boom, just closed the deficit by a trillion dollars.
Looks like time to tax Wall Street, the billionaires and cut defense spending. We’re not laying down for your austerity BS Rahm.
Who gives a fuck?
It’s not real stupid
No one cares except you pearl-clutching fascists
Maybe shouldn't have burned a bunch of money trying to fix the stocks oh well
Sounds like we should start seizing some hoarded wealth
So fucking what
Who the fuck cares, no one's going to call the debt
Time to raise taxes, you know, like the 2017 tax bill catastrophically failed to do.
Yes, after WW2 there was a time of prosperity due to the highest gov debt, because the private debt was low.👍 When people have a lot of US Treasuries they don’t need to go in debt to banks. Now to lower the private debt the gov debt would need to go higher.
trillions spent to pump up corps and stocks
No. More like as the country spends trillions so Jeff Bezos can have more boner pills for Little Bezo
Who care
Tax Elon Musk, you idiots
This would be Trump’s watch. Your op-ed folks won’t admit that.
Good
Wall Street is America's biggest welfare queen.
Damn, I wonder who is receiving most of that money...........
So what?
Hey what happened to the us economy after wwII I can’t remember
who care
Not a real thing
Debt doesn't matter and you know it doesn't matter.
Maybe next time don’t spend trillions on bailouts and actually have a response
Now do the DoD.
The economy is fake numbers used to push conservative views.
who cares
LearnMMT
money is imaginary and made up. lmao i love how they’re already starting this shit so that when Biden wins, they’ll already have a basis for saying he ruined the economy. y’all ain’t slick
Ah yes, it was the disease that caused the debt and not anything or anyone else. Certainly not a fucking idiot that doesn’t know shit about money and debt.
How about don’t illegally force businesses to close. That might help.
Funny how 'gives billions of free dollars away to the rich and ultra rich who pay little to no taxes normally and not the people who actually need it' translates to 'spends trillions to combat covid' Huh.
Have they tried shooting the debt yet?
Here's where they explain how they already spent too much on the corporations and that's why they aren't going to help you get unfucked.
Hmm seems like you’re saying it’s time to repeal the huge Trump tax breaks for millionaires so that we can invest more into the real economy.
haha don’t care printer go brrrr
Surely this is the year the deficit matters in a real sense
Spending money to combat a real threat to the US - 'This is bad' Spending money to drone strike civilians because they are brown and live in a far away country - 'This is fine'
Who cares, spend mlre
who care
So if Trump loses, it's going to be really fun to see Republicans come out and rail about the debt and the deficit, especially after demonstrating that they don't give a shit about it during 8 years of Bush and 4 years of Trump.
You mean when we climbed out of the depression and entered prosperity the world hasn’t seen before or sense?
No, country is being fleeced by corrupt politicians and their lobbies. The American people are getting screwed.
These people ARE.THE.WORST. In other words welfare queens didn’t rob the government blind - Rich SenatorRomney & the GOP did repeatedly! Tax cuts. RAISE THEIR TAXES!
Pretty easy solutions. Cut military spending and roll back the 2017 tax cuts.
Republicans are the worst stewards of the US economy. They run up huge deficits. The last three Republican administrations have ended in economic catastrophe.
Let's talk about QE forever instead.
Who and I can’t stress this enough.. gives a fuck.
Doesn't this put our global credit rating at risk?
I guess we better starve some poor people to help the deficit.
lol what trillions? the virus and anyone who isn’t wealthy are getting worse every day
Alternate headline: After 4 years of Donald Trump including 2 years of total Republican control of all branches, debt is now higher than it has ever been because Republicans are not and never have been 'fiscally conservative.'
Good. Spend more. Get shit done. We've chronically underinvested and that's why everything is falling apart. Restore tax rates to post-war levels, too.
The problem was there before Covid. The big tax cut to the rich is when it started. Republicans always have to be bailed out by Dem Presidents. gop are so full of shit
They didn't spend trillions combating covid. They spent trillions on making sure the ultra wealthy keep making billions while the actual people lose everything. Shame on you for printing this dishonest trash.
Who cares
MAGA MAGA2020
Have you ever tried floating one of these stories around when congress approves a military budget instead of when poor people need help?
Obama’s fault. 😏
Nice to see that an arbitrary, irrelevant comparison is not playing any role in allocating necessary funding.
who cares
If only there was a way for the government to bring in more money? Maybe there are some people who have much more than they need or could possibly spend? Or just give them another $1.5 trillion “tax break”?
Imagine not having 300 military bases in 80+ countries and harnessing renewable energy, how much money that would save
Tax the rich
Haha I love the framing of this headline because it’s like “bug Covid spending is why” when the not economically useful trump rich boy tax cut is the other half of the story
whocare
Anyone who cares is dumb as a box of rocks or lying
Bull. Also.thats just highly geared
Where’s all the fiscal conservatives? I’m sure they’ll crawl out of their holes once Biden gets elected.
read “The Defecit Myth” by Kelton to see why this is total bullshit
Complete disconnect between Wall St and Main St
not real!
So tired of all the winning.
Ah that means the people who got rich off the pandemic will show their appreciation for essential workers who were forced back to work by insisting on austerity for them
Nothing to do with the massive tax cuts for the rich then
Debt and Deficit hysterics like the wsj work for the oligarchs. The deficit doesn’t matter as long as there’s capacity in the economy. Spend more on income stabilizers and safety net programs now.
Shouldn't have given all that public money to trumps flunks then huh or maybe trim the military budget. Hth
Gee I wonder how much was injected into wallstreet to the pentagon and the military industrial complex... funny how those amounts aren’t scrutinized
tax the wealthy..
And...
Nobody gives a shit
lol WWII, which famously led to a decades long economic downturn
guess we shouldn't have have paid a trillion bucks to wealthy oligarchs then! oh well!
Haha money printer go brrrr
Maybe America should have spent less on f-35s, it’s called budgeting
All because DT mismanaged the US COVID19 response vs acting forcefully, uniformly and with speed
Just talked to my uncle who does the stonks and he's saying this doesn't matter
I don't know what they're spending the money on but it definitely isn't combating covid-19.
Gosh, maybe we should repeal those tax cuts for businesses and the wealthy.
I guess we better raise taxes on the readers of The Wall Street Journal then
I don't fucking care and neither should you
I guess the CCP got it right!
Just listened to podcast on this. Amazing how little concern exists about this in the WSJ newsroom. Like money now grows on trees. nobigdeal
if you think that's bad, you should see what the country spends on tax breaks for billionaires
Yeah that really killed us in the Depression & WWII If you really were worried about deficit spending you’d support returning the top marginal income tax rate back to the Eisenhower era rate But you’re not, you just want more austerity for working people, more cash for the rich
Wouldn't it be more correct to say that the size of the economy has shrunk because of the virus?
Dont give af
So what?
On 9/2/20 President Donald Trump suggested people in North Carolina should vote twice in the November election, once by mail and once in-person, escalating attempts to cast confusion and doubt on the validity of the results. trump is law and order, right?
Lol doesn't matter
ah. no! the lines on the graphs and charts. theyre gonna go wooowooowooowooo
Trump is an astounding failure
Can we please finally do away with the myth that the GOP is a party of 'fiscal responsibility' or cares about the debt? They only pretend to care when a Democrat is president.
One thing trump is terrific at, is bankrupty. He’s got that move mastered perfectly. He spends and spends and walks away. This time, it’s not his money and the gov’t can’t file for chapter 11.
Still no concern for the trillions in tax cuts, though? 🙄
huh where was your concern during all the tax cuts
debt is fake, numbers aren't real.
wsj to dumb to understand MMT
Damn almost like we're in a comparable national emergency
Uh oh, who is gonna come collect it? The boogey man? Hahahahah Must suck owing a bunch of money that YOU LITERALLY CREATE
shut up who cares
Uh shoveling trillions into the stock market is not combating covid
Who cares
ok
“The post–World War II economic expansion, also known as the golden age of capitalism...”
People just made this all up. Just unmake it up. Problem solved.
Don’t care‼️
Claiming that it's due to money being spent to combat Covid-19 displays a pretty shameless decision to ignore how much of those trillions have been deliberately misappropriated to enrich the wealthy instead of doing any good.
Debt is fake bitch
Donald Trump is doing little to combat covid. He expected the states to fend for themselves. Now, he acts like the pandemic is over. Costing us as much as WWII ? Because the largest corporations and people like *billionaire*, Kanye West, got funding before small businesses.
thomaschattwill In Dakota we're not taking the Govt money cuz we get our Covid fer free.
Already past the tipping point, the point of no return. Soon the burden of the interest of the debt alone will be beyond the means of the US government to service. A default then will be imminent. USA and its fiat currency USD will collapse just like for earlier empires.
Promise made...
This will be in the history books right along with his impeachment. Trump is a FAILURE!
Just like so many said, Trump would run our economy into the ground as he has done so many times in his own company when they let him play “office”
Time for the Democrats to unfuck the economy again. As usual.
Almost like $1.7 in tax cuts don’t pay out!!
Why is the market going up so much? Speculation by so many people 'working' at home? I don't know, but it seems like a big bubble to me. Mask up. Vote for Biden/Harris. Care. =
This is a Trump Bankruptcy.
The Tea Party must be enraged. Oh now I understand. They just hated having a black president.
putmygamefaceon Are they tho
You mean giveaways to corporations.
No shit. The economy is running at half speed and we’ve gotta pump money to keep people from losing everything.
Hmm....rather than 'combat Covid-19', seems this administration injected extras into military & $billions/trillions into 'markets.'
Wow. My country. Going to hell in a hand basket. We need to raise taxes on corps and the wealthy and cut spending so we can get our debt under control! The republican-led tax break exacerbated the problem! The quickest way to go broke is to spend more than what you make.
ron_fournier It’s ok once Biden gets elected the GOP will fight against debt till they die!
How bad is that?
Are we great yet?
Nasdaq and SP record high again today 🤣. Time for a revolution and bring Powell to justice. federalreserve EndTheFed
And Trump says the economy is doing great. Another lie
The top federal income tax rate was 91 percent in 1950 and 1951, and between 1954 and 1959. In 1952 and 1953, the top federal income tax rate was 92 percent. it's time we revisit those rates - the wealthiest have pillaged enough.
another tsunami huh? hope you like bread lines.
Trillions spent and NOTHING received except for tyranny, authoritarianism, fear-mongering and locking in wins for the rich at the expense of the young, the poor and small businesses.
The economy will go to shit if Trump has a second term just like it did with GWB.
'Mesmerizing world of short stories' My first book released. Grab multiple stories in one book. For Ebook on Amazon Kindle, below is the link.
For all that spending on Coronavirus and not having a cure. At least going to war makes sense on why spending might be up. What do we have to show for it, but more deaths
Correction...as the ‘country’ - read that as the crime syndicate administration and the traitorous GOP - lines their own pockets and those of the obscenely wealthy while the vast majority of citizens die or flounder under the weight of unchecked COVID.
For a bunch of Conservatives, they're really bad at conserving money.
chrislhayes yep!
And because the POTUS administration already had run it to historical recession levels well before COVID19, well above the trillion mark. Say it. deficit
& when Obama spent to cover Bush's 2 wars, the conservatives screamed---i knew Trump would equal national debt increase & now will surpass--we hope rates don't go up or we will be UP sheets creak
Excuse me realDonaldTrump? I think the PRESIDENT should be included also.
Everyone loved the Bush tax cuts....went from boom to recession in 8 years. Trump tax cuts exponentially bigger....recovery to depression in 3 years. Can’t stop now....keep digging that hole and printing money
Trump's America at its finest
Time to build more fighters, tanks, and expand the pentagon. You know, to combat Covid-19.
Not surprising but sad: the amount of money WASTED by the Trump Administration because of his incompetence, leaving us no better than we were in March w/ a long, difficult road ahead of us. If a foreign adversary wanted to bring us to our knees, Trump would be their blueprint.
“Fiscal conservatives”
To combat COVID-19? I beg to differ!! Let's say CorpTaxScam, Golf Games, Trips by Melania to NY to meet her Lover & have her hair done, etc., Trip to RUSSIA to kiss Putin's ASS, Barr going all over the world to nail Biden on Ukraine BS, Pompeo to Israel!! BS nothing on COVID-19
FunInMia We will need to GREATLY increase taxes for the wealthy to make up for the past four years of their little Teddy Bear Picnic.
thomaschattwill Which is why the Trump tax cut - for one - needs to be scrapped. Just for a start. Tax cuts should not target wealth but rather economic activity. Trump tax cut poorly (!!) targeted.
FunInMia WINNING!!!
thomaschattwill Oh right, Covid that caused the deficit.
Kinda gives Americans the true scope of the CoVID crisis. On par with WWII....
IMontoyaResists Let me fix this for you....'As the country spends trillions to combat Covid while giving HUGE tax breaks to the already wealthy.' GOPCorruptionOverCountry GOPBetrayedAmerica
GOP in control = epic debt, always GroverNorquist
Trump's economy is going to bankrupt America.
It’s almost as if a massive unpaid-for tax cut during a bull market was a stupid idea
and the dems have instigated it all, Biden ready to shut down economy again.., and free a few more to riot businesses already suffering... reject communism
Thank Trump's 2017 Corporate Tax Cut Act, Trade War with China, Coronavirus Pandemic Response & the $6 Trillion dollars of Americans Pension Funds Embezzlement to PROP UP Wall Street Stock Indexes thru the Fed Reserve Asset Purchase Program. $26 Trillion Debt/$9 Trillion Deficit
You have a man who has failed at his marriages, businesses, and being a decent human but you think he can run a country.
Thanks to those loyal members of the Tea Party for all they ave done to keep spending in check, at least spending they don't like.
Blame criminally incompetent and corrupt tRump!
We are very lucky to be the reserve currency of the world.
And this is a good thing as deficit spending is a net positive for the real economy. Japan debt to GDP is 230% why haven't they seen hyperinflation? Because the economic models you are employing are wrong!
ron_fournier I got $1,200
Littered with career puppet politicians
nycjaneyvee You misspelled 'tax cuts for billionaires'.
Complaining about the debt? Really? But you still want that next round of stimulus spending right?
The chief of bankruptcy got his hands on the nations money, and of course this is what we the people get back.
Libertarian principles are a bit inconvenient during a pandemic. via slate
Good thing we gave all those huge tax breaks to billionaires to stimulate the economy. Double digit unemployment and out of control spending.
Another example of “effective” economic leadership by the Trump administration..Americans need to wake up (poll ’s on economy). ProjectLincoln washingtonpost Morning_Joe
WINNING!
Conservative fiscal oversight.
Utleyjacobite 12/7/17: 'Government and outside analyses of the House and Senate tax bills show that the benefits would flow disproportionately to the wealthy' 12/15/17:
Utleyjacobite 12/7/17: 'Government and outside analyses of the House and Senate tax bills show that the benefits would flow disproportionately to the wealthy' 6/29/18:
I am certain that kanyewest absolutely needed that $2 million!
Send China the bill.....ur welcome
Who would have thought the Repubs would be the ones bankrupting the USA
Who is getting rich of this? The bankers and technocrats, that's who.
This is your doing realDonaldTrump, stevenmnuchin1 & senatemajldr. You 3 have stonewalled oversight, refused bipartisan negotiations & funneled PPE to many affiliated with the administration. We the People are awake & paying attention. We will vote accordingly. JoeBiden 11/3
And... the mention that we had record tax breaks for the wealthy the year before is.......where?
Go Trump!
spends trillions fighting something that is not even an issue 🤪
Is this the winning Trump talks about ? Who is going to vote more of the same to this ? So much graft I’m sure some of this budget is lining Trump’s and his corrupt cronies like Barr,Graham,and McConnell’s wallets.
Not sure what % went to 'combat Covid-19', but it sure looks like a lot of it went to making the wealthy, wealthier.
Nice going 'conservatives'
You are conveniently leaving out ALL the TRILLIONS of Dollars that the Trump Regime has wasted on numerous other expenditures, that were NOT necessary, OH, but I forgot, Rupert Murdoch OWNS the Wall Street Journal!!!! AND....he is a STAUNCH supporter of Trump.
CONVID (conspiracy to kill - virus) HAS COST EVERYONE ON THE PLANET MORE THAN BUDGETED .. remember when your parents say save for a rainy day.? in less than 1 month millions needed / wanted a bailout - not much in the personal tank, so gov extends debt to bailout. No mystery!
fIsCaL RePuBliCanS
realDonaldTrump will go to war. ✌️
If Biden wins, this will be the 1 issue for the GOP. If Trump wins, the US will become the Trump Taj Mahal pt II.
This makes me think Republicans might not really care about deficits and debts.
Thanks Biden.
We don’t need to spend any money on combatting the Covids. This strain of the Covids got weakened by the amount of antibodies produced. Been happening this way for thousands of years. Next!
when the POC take over the US will be a POS
Let me help you with that....Breaking: U.S. government debt next year will exceed what the economy produces, a mark not seen since World War II, as the consequences of 2017's trillion dollar tax cut comes home to roost...
Wierd how conservative media doesn't mention trillions trump and paul ryan gave away to rich assholes...CBSNews MotherJones mmfa AFP guardian BBCWorld USATODAY voxdotcom JoeNBC nytimes dailykos frontlinepbs 60Minutes
Trumps America!!!! So much Winning!!!! Glad the Billionaires got their tax cut. TrumpFailedAmerica
There is an interesting essay discussing the debt issue and economic issue america could face going forward - Was it the source of your article or? COVID19 UBI NationalDebt budgetDeficit
Must be time for more Republican tax cuts to pay for it all!?!
Bravo 👏 Trump !!! You did it !!! Bravo !!!!!
Maybe the geniuses at the Wall Street Journal could tell us the total wealth of billionaires in the USA compared to government debt?
Fearless Leader should disqualify himself for another term based on his own standard.
And because the Democratic party are doormats they dont repeat this over and over. So when they take office rethuglikans will blame them for their own horrible job under the dotard and the consequences of all of it.
OPEN NOW!!!
So much winning. What's Rand Paul saying these days about debts & deficits?
So. Shocked that stock markets up when money supply doubles?
Just make more Cash. No problem.
Is American Great Again? KAG2020 MAGA2020
And I'm okay with that...for one year only. POTUS
MAGA
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