If a person or a nation keeps spending more money than it earns through taxation or labor it will eventually go bankrupt. That is inevitable. Here is how deficits are explained:
bscholarly.com
The government collects revenues and taxes from a range of sources that sum up its annual income. It also has lots of projects that are part of its yearly plan. These projects include job salaries, civil works, and debts. The budget deficit comes to play in situations where the government’s expenditure is higher than its income. This essentially means that what the government accrues in revenue is not enough to cover its expenditure and still have a remainder for savings and the nation’s treasury.
The US has been spending more money than it takes in for decades, which is driving the US debt up and threatening the nation with banksuptcy. Here are some records of deficit spending:
3 Causes and Effects of Budget Deficit - Bscholarly
How does a government budget deficit affect the economy? Effect of budget deficit on economic growth? Causes and effects of Budget Deficit.
bscholarly.com
The government collects revenues and taxes from a range of sources that sum up its annual income. It also has lots of projects that are part of its yearly plan. These projects include job salaries, civil works, and debts. The budget deficit comes to play in situations where the government’s expenditure is higher than its income. This essentially means that what the government accrues in revenue is not enough to cover its expenditure and still have a remainder for savings and the nation’s treasury.
The US has been spending more money than it takes in for decades, which is driving the US debt up and threatening the nation with banksuptcy. Here are some records of deficit spending:
- 2023 - $1.2 trillion budget deficit (projected)
- 2022 - $1.2 trillion budget deficit (projected)
- 2021 - $1 trillion budget deficit (projected)
- 2020 - $3.3 trillion budget deficit (projected)
- 2019 - $960 billion budget deficit (projected)
- 2018 - $779 billion budget deficit
- 2017 - $665 billion budget deficit
- 2016 - $585 billion budget deficit
- 2015 - $439 billion budget deficit
- 2014 - $514 billion budget deficit
- 2013 - $719 billion budget deficit
- 2012 - $1.1 trillion budget deficit
- 2011 - $1.3 trillion budget deficit
- 2010 - $1.3 trillion budget deficit
- 2009 - $1.4 trillion budget deficit
- 2008 - $455 billion budget deficit
- 2007 - $162 billion budget deficit
- 2006 - $248.2 billion budget deficit
- 2005 - $319 billion budget deficit
- 2004 - $412.7 billion budget deficit
- 2003 - $377.6 billion budget deficit
- 2002 - $157.8 billion budget deficit
- 2001 - $128.2 billion budget surplus
- 2000 - $236.2 billion budget surplus
- 1999 - $125.6 billion budget surplus
- 1998 - $69.3 billion budget surplus
- 1997 - $21.9 billion budget deficit
- 1996 - $107.4 billion budget deficit
- 1995 - $164 billion budget deficit
- 1994 - $203.2 billion budget deficit
- 1993 - $255.1 billion budget deficit
- 1992 - $290.3 billion budget deficit
- 1991 - $269.2 billion budget deficit
- 1990 - $221 billion budget deficit
- 1989 - $152.6 billion budget deficit
- 1988 - $155.2 billion budget deficit
- 1987 - $149.7 billion budget deficit
- 1986 - $221.2 billion budget deficit
- 1985 - $212.3 billion budget deficit
- 1984 - $185.4 billion budget deficit
- 1983 - $207.8 billion budget deficit
- 1982 - $128 billion budget deficit
- 1981 - $79 billion budget deficit
- 1980 - $73.8 billion budget deficit
- 1979 - $40.7 billion budget deficit