USA Government 2021 Deficit with post written in 2022
Visual Capitalist created the image in this post. The image illustrates the revenue US government received in 2021 and how much the government spent in the same period. In total the revenue came in at $4,054 billion while the expense came in at $6,820 billion. That means there is a deficit of $2,775 billion for 2021. The overall distressing sign here is the deficit does not appear to be shrinking.
Since the start of 21st century all but 2000 and 2001 were years where the USA government has a running deficit. Even projecting into the future the expectations are over $1 trillion deficit for the foreseeable future. This is clearly unsustainable but this is how we will be expecting the US government will be operating.
Summary
The debt to GDP ratio for USA is now over 123% which means every year from here on all productivity that the country creates in value will still not be sufficient to pay of the debt. Take careful look though between 1960 and 1980 debt to GDP actually dropped. During that time period there was serious issues with the US economy. What happened was in that time period the US economy was mostly in a stagflation period. Will we have to go through something similar in the near future in order keep the US economy running?
None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!
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The deficit is definitely not going to be going down anytime soon. From the way I see it, the government wants to spend more even as our economy is hinting at a recession. I gave up on trying to keep track of all the nonsense they are pushing through Congress.
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I feel just the same way as you about the government spending uncontrollably, but have realized we need to hold them accountable. Voting politicians that won’t overspend is apart of what we can do to slow and maybe even stop this nonsense. It’s still difficult but it’s a must do to protect our freedom.