This Debt and Deficit surge would have been unimaginable just a year ago
This Debt and Deficit surge would have been unimaginable just a year ago The National Debt Clock is flashing a major warning, Red Alert! The federal deficit tripled to a record $3.1 trillion in fiscal year 2020, with the budget gap ballooning to a share of economic output unseen since World War II. While most people are aware the national debt has exploded, it brought my focus back to this subject. Many of us that watch the economy closely are still trying to get our heads around the rapidly unfolding pandemic crises and the impact of trillions of dollars flowing into the financial system. America's debt has soared past 27 trillion dollars and is now expected to leap by several more by the end of the year.