In the first 8 months of Fiscal Year 2024, the 🇺🇸 US deficit hit a whopping $1.2 trillion, or $4.9 billion PER DAY.
In May alone, deficit spending was $348 billion or $11.2 billion a day, according to the CBO.
Over the last 12 months, the US deficit totaled $1.7 trillion equaling 6.2% of US GDP.
Deficit spending as a % of GDP is above all previous recessionary levels except for the 2008 Financial Crisis, the 2020 pandemic, and World War 2.
At the same time, government expenditures hit $6.5 trillion which is 23% of US GDP.
The government is spending as if we are in a recession.
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