Deficit likely to come in just shy of $1 trillion in 2019, latest Treasury figures show:
http://dailytorch.com/2019/08/deficit-likely-to-come-in-just-shy-of-1-trillion-in-2019-latest-treasury-figures-show/
With just two months remaining in fiscal year 2019, come Sept. 30, the U.S. budget deficit appears likely to come in just shy of $1 trillion, the latest data from the U.S. Treasury shows. Since 1980, the debt has grown on average 8.8 percent every fiscal year, but during that same period, the U.S. economy has only averaged 5.4 percent nominal growth economic nominally before adjusting for inflation. As a result, the debt is now 105 percent of the economy. And if those trends were to continue, the debt will top $100 trillion in 2037, and exceed 193 percent debt to GDP. What does that look like? Just ask Japan, with a 200 percent debt to GDP ratio, whose economy has barely grown nominally in 20 years amid a declining population. What can be done to prevent such an outcome?
