๐จ Out of Control! ๐จ
In the first 8 months of Fiscal Year 2024, the ๐บ๐ธ US deficit has skyrocketed to $1.2 trillion, which is a staggering $4.9 billion PER DAY.
๐ **May Deficit**: In May alone, deficit spending reached $348 billion, averaging $11.2 billion a day, according to the CBO.
๐ **Annual Deficit**: Over the past 12 months, the US deficit totaled $1.7 trillion, equivalent to 6.2% of US GDP.
๐ **Historical Context**: Deficit spending as a percentage of GDP is higher than all previous recessionary periods except for the 2008 Financial Crisis, the 2020 pandemic, and World War II.
๐ฐ **Government Expenditures**: Government spending has hit $6.5 trillion, which is 23% of US GDP.
โ ๏ธ **Spending Levels**: The government is spending as if we are in a recession.
