“The U.S. budget deficit tripled to a record $3.1 trillion in the fiscal year that ended Sept. 30 as the government battled the global coronavirus pandemic that plunged the country into a recession, has taken more than 217,000 American lives and thrown millions out of work.
“As a share of economic output, the budget gap in fiscal year 2020 hit roughly 16.1%, the largest since 1945, the Treasury Department said Friday, when the country was financing massive military operations to help end World War II.
“Federal debt totaled 102% of gross domestic product, the first time it has exceeded the size of the economy for the full fiscal year in more than 70 years, according to estimates from the Committee for a Responsible Federal Budget. That has put the U.S. in a league with Greece, Italy and Japan among the most heavily indebted nations.”
Make no mistake about this: the Republicans know that they are losing the 2020 Goat Rodeo and want to crash the economy. It’s not just that they want to throttle a new Democratic Administration, they want to impose AUSTERITY to kill off the rest of the social safety net. In my lifetime, Republicans have done this every time they lose power.