The Congressional Budget Office in a report dated 2/12/21 said the federal deficit for fiscal year ending 9/30/21 (Trump's last fiscal year budget) is projected to be $2.3 Trillion. And that projection does not include the proposed $1.9 trillion stimulus by President Joe Biden. The CBO also reported that the projected $2.3 trillion deficit will equal 10.3% of the GDP and that the past two years have the highest deficits relative to the GDP since 1945.
The CBO report confirms the massive deficit spending by republican administrations that continues to take place since the Reagan years that PolitiDose has commented on many times over in the past 9 years. If the CBO's projections hold true the Trump administration will have the largest single year back to back federal deficits in the history of U.S. budgets. The federal deficit for Trump's 3rd fiscal year that ended 9/30/20 came in at $3.1 trillion. Prior to Trump, the single year record federal deficit took place on President George W. Bush's watch in fiscal ending 9/30/09 when the deficit came in at $1.4 trillion.
So President Trump and his republican party has learned nothing about their past fiscal disasters cast on the country and its people. And their tax cuts and extreme ideology on the issues failed to address the economic recession, the virus pandemic, the massive loss of jobs and then to add insult to the country and its people refused to accept the peaceful transfer of power to a new administration that our constitution and democratic process requires.
But as this writer said in the past, democrats have a much better record at governing and that in time President Biden will answer the call and put America back on track. Precedent will be there to back it up and when it takes place you will have read it here first in PolitiDose, your daily dose of political commentary.
This commentary written by Joe Lorio
