This comes after the government spent $6.9 trillion over the past year, an equivalent of 24.4% of GDP and 7.1% more than in the previous year. This has been partially driven by the interest expense which soared to a record $1.12 trillion over the past 12 months, double the amount seen in 2 years.In August alone, the deficit was $380 billion or $12.3 billion A DAY posting the highest August on record.
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Moreover, in the first 11 months of the Fiscal Year 2024, the public deficit reached $1.9 trillion. Here is the full breakdown of receipts and outlays:
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As we already know, the government has a significant spending problem. Over the last few decades, spending has materially exceeded revenues.
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The government simply chooses to kick the can down the road instead of implementing real solutions. This is a debt crisis.How bad it has become and what are the consequences for Americans and global investors? You can find the answers in the below piece. It has to be emphasized that this is an extremely important topic even if you do not invest in the markets.[/table]
