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Sunday, August 16, 2020

Deficit and Debt are Up. Concern is Down.

Coronavirus is accelerating the already-serious problem of federal debt.

Drew DeSilver at Pew:
Among the collateral damage from the coronavirus pandemic has been the U.S. economy and the federal budget. The pandemic has caused massive economic disruption, and the government’s response has pushed the federal budget further out of balance than it’s been in nearly eight decades. But Americans appear to be slightly less concerned about the deficit than they have been in recent years.
In a Pew Research Center survey conducted June 16-22, just under half of U.S. adults (47%) called the deficit “a very big problem” in the country today – down from 55% in the fall of 2018. Over roughly that same period, the deficit grew from $779.1 billion at the end of fiscal 2018 to $2.8 trillion as of the end of July, according to data reported Wednesday by the Treasury Department. (The federal fiscal year ends on Sept. 30.)