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The government has been reducing spending since all the COVID support in 2020 and 2021. At its peak, government spending was over $7 trillion, which was over 30
by nofinator 3y ago
The government has been reducing spending since all the COVID support in 2020 and 2021. At its peak, government spending was over $7 trillion, which was over 30% of GDP in 2020. It appears to be trending back to the pre-COVID ratio: ~20% of the GDP is government spending. https://fiscaldata.treasury.gov/americas-finance-guide/federal-spending/#spending-trends-over-time-and-the-us-economy https://fiscaldata.treasury.gov/americas-finance-guide/feder...
- jonhohle 3y agoBut at the same time has the largest non-COVID deficit ever. `22 and `23 defectors are trending higher, not lower.[0] 0 - https://www.reuters.com/world/us/us-budget-deficit-jumps-23-nearly-17-trillion-social-security-health-costs-rise-2023-10-20/ https://www.reuters.com/world/us/us-budget-deficit-jumps-23-...