We now have official numbers for the federal deficit for the last fiscal year: a record $1.4 trillion. According to the Washington Post, this comes to 10% of the entire economy. This is four times the already large deficit last year. In fact, it’s more than the previous four years put together. The federal government took in $2.1 trillion in taxes, but spent $3.5 trillion. The good news? It’s $400 billion less than some had projected. The bad news? Similar trillion dollar deficits are projected for next year and, if current policies continue, for the next decade.
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