The Nomad Economist
Premiered Jan 9, 2022
There is apparently little concern in Washington, DC as the annual deficit — for a single year, mind you — approaches one trillion dollars for the first time since the hit-the-panic-button days of the Great Recession. Except that now huge deficits are coming during great Trump economic times. Moreover, as the Congressional Budget Office has forecast, the debt load is expected to rise to 125 percent of GDP over the 20 years. That’s higher than the US debt-to-GDP ratio during World War II. But perhaps the most striking aspect of the growing debt is the fact there really is no end in sight, and the US has no chance of ever paying off the debt. So what is the national debt as a percentage of the federal governments income? Income, in this case is the federal government’s tax revenue. And it turns out by this measure, we’re in uncharted waters. In fact, the national debt is now eleven times annual federal revenue. And as far as I can tell, that’s the highest it’s ever been. In 1945, the national debt was $251 billion.
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