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11min chapter
Marc Goldwein on the Unprecedented US Budget Problem and How to Fix It
Macro Hive Conversations With Bilal Hafeez
US Budget Deficit: Record Levels and COVID-related Spending
This chapter discusses the US budget deficit and how it has reached record levels, particularly due to COVID-related spending. It explains how the deficit increased from $1 trillion in 2019 to $3 trillion in 2020 and 2021, with a significant portion being allocated to COVID relief. Although the COVID spending subsided in 2022, the underlying growth of Social Security, Medicare, and interest continued to contribute to the deficit.
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