Marc Goldwein on the Unprecedented US Budget Problem and How to Fix It
Macro Hive Conversations With Bilal Hafeez
00:00
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.
Transcript
Play full episode
