BREAKING: The US government is now running a primary budget deficit of -3.59% of GDP, the largest among major advanced economies.
The primary budget deficit EXCLUDES the $1.1+ trillion in interest payments on existing government debt.
This is followed by the UK at -3.51% of the country’s GDP.
Belgium, France, Austria, and the Euro Area run primary budget deficits of -2.14%, -1.97%, -1.66%, and -1.40%, respectively.
In other words, even excluding the cost of servicing existing debt, which is the 2nd-largest US government expenditure, even larger than defense spending, the US deficit is the biggest relative to GDP among all major advanced economies.
US deficit spending is out of control.
@ProfGMarkets She is confident but biased academic. When asked if there is we have a tax or a spending problem, she says it is definitely a tax problem. Typical leftist answer…