Wednesday, June 19, 2024

Diving Into The Election Issue Everyone’s Neglecting

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The biggest election issue for 2024 is getting even bigger. It's the federal deficit, which is expected to balloon to $2 trillion at the end of the current fiscal year (Sept. 30).

Let's be : the massive, bipartisan wave of deficit spending over the last few years has already pushed debt levels to eye popping highs. What is causing the surge in red ink this time?

As The Washington Post reports, it caught official observers by surprise:

“To see this in an economy with low unemployment is truly stunning. There's never been anything like it,” [former Obama administration economist Jason] Furman said. “A good and strong economy, with no new emergency spending — and yet a deficit like this. The fact that it is so big in one year makes you think it must be some weird freakish thing going on.”

What's so freakish about it? The reality is Uncle Sam is taking in less tax revenue and spending more.

A lot more:

…Social Security payments increased because they are indexed to inflation; the government spent more on , veterans benefits and