Episode 298: How do Treasury Bills Work?
Words & Numbers
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Introduction
Politico uses a linguistic trick to soften the blow of fiscal news. Tax revenues are up 14% this year while spending is down 20%. The 20% drop in spending sounds like great news, but it's due to the end of COVID error stimulus spending. If it weren't for that 6% spending residue, the deficit this year would have been well under 1 trillion.
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