Trillions in Coronavirus Spending Could Explode Deficits to World War II Levels
April 1st, 2020Trillions here. Trillions there.
“Now there’s no telling just how high the deficit will go.”
Via: Marketwatch:
Now there’s no telling just how high the deficit will go.
…
Altogether, deficit spending in the next two years could drive the national debt to around $29 trillion from an estimated $23.6 trillion right now. Previously the U.S. was not expected to reach that mark until 2025.
Just as firefighters don’t care how much water they use in putting out a fire, governments don’t fret about how much they spend to fight a once-in-a-lifetime crisis like a deadly global pandemic. Democrats and Republicans in Washington are virtually united in the belief that they should spend whatever they need to and worry about how to pay for the coronavirus bailout later.
