The USA budget deficit peaked from 2012
The US budget deficit peaked from 2012
The US budget deficit in fiscal 2018 grew by 17 percent and reached $ 779 billion. This is stated in a joint report by US Treasury Secretary Stephen Mnuchin and the head of the administration and budget department of the White House, Mick Mulvaney.
Thus, the budget deficit in relation to GDP increased to 3.9 percent and reached a record high since 2012.
However, the report also notes the success of the economic policy of the current American administration for ordinary citizens. So, since the beginning of the presidency of Trump in the United States, four million jobs have appeared, real wages have increased by 1.4 percent, in addition, the unemployment rate is decreasing.
However, according to the document, total expenses increased by 3.2 percent or 127 billion dollars, while revenues increased by only 14 billion (1.4 percent). In particular, the most was spent on defense, which required $ 664.7 billion.
The report also notes that the budget deficit will continue to grow in the future and in 2019 will reach $ 981 billion, or about 4.6 percent of GDP.
Earlier, Washington Examiner reported that for the same fiscal year, the national debt increased by more than 1.2 trillion dollars and reached a record high of 21.5 trillion.
The publication noted that by 2020, the budget deficit of the United States will exceed one trillion dollars, while the national debt will continue to accelerate growth, because government spending is not controlled.