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federal deficitFortune
•75% Informative
The federal deficit in fiscal year 2023 , which topped $1.7 trillion , is larger than Mexico ’s total economy.
The U.S. government will pay close to $900 billion this year just in interest payments on the national debt.
President Dwight Eisenhower seems to have been the last guy in post-WWII era who understood that the welfare state, the warfare state, and tax cuts not backed by tough spending cuts are incompatible with fiscally responsible government.
Presidents Reagan and Bush averaged a 4% deficit in 12 years .
The new millennium distorted matters even further with the annual deficit from 2002 to 2023 averaging 5% over the two decades .
Unless a new generation of leaders has the courage to cut such “untouchables” as the defense, education, justice, and homeland security budgets, the current trajectory of federal finances will lead to an extremely ugly place.
VR Score
80
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80
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21
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Language
English
Language complexity
54
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Attention-grabbing headline
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20
Source diversity
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