Loading ...Federal Budget Deficits: To $30 Trillion and Beyond
In my decade forecast, I projected that in the next recession the deficit would climb to over $2 trillion. Clearly, that demonstrates I am an optimist. Here’s a chart I shared back in January
Between reduced tax revenues and increased spending, I now expect this year’s deficit will be at least $4 trillion. I will bet you a dollar to 40 doughnuts that we will see at least another $1 trillion emergency spending bill to be spent in the third quarter.
We could have 2020 and 2021 deficits of a combined $6+ trillion. Add off-budget spending and we should see $30 trillion total national debt by the end of 2021. I naïvely projected total national debt to be $39 trillion by 2030. See, I keep telling you I’m an optimist. We will be in that $40 trillion range somewhere around 2026–27.
We are experiencing a practice round for The Great Reset. Sometime late this year or early next year we need to look at what happened and then think what it will look like in the late 2020s. A number of factors will all converge to give us a true Fourth Turning generational crisis,