deficit, what that measures is what is the government spending versus the revenue that it takes in. expenditures would be on things like defense spending, welfare programs, infrastructure, all the things that we pay attention to. the revenue side of things is the tax revenue that comes in from what the irs collects. if you re collecting more than you re paying, that s a surplus. but if you re spending more than you have coming in, that s a deficit. we haven t had a surplus since 2001. what the debt means, again, not deficit, but debt is especially the accumulation of every year that you have a deficit and the way that the government pays for that accumulation of debt is by issuing u.s. treasuries. our government bonds. and for the people that are willing to help the government pay their bills, they ll be paid interest by the u.s. treasury. the accumulation of all of that is the debt. in some rate, the deficit is the year over year kind of balancing the books versus how much is
Americans appear to be growing more concerned about the skyrocketing national debt level – officially $28.1 trillion and counting.
The Peter G. Peterson Foundation’s monthly Fiscal Confidence Index recently shed five points, dropping to a level of 47, in the wake of the Biden Administration’s latest $2 trillion stimulus package.
That $2 trillion bill is simply piled on top of already massive budget deficits.
And it adds furthers to concerns over the country’s currency, the Federal Reserve Note “dollar.”
Federal debt is currently the largest as a percentage of the economy since World War II. Given that no amount of tax hikes will yield enough capital to cover the debt, the nation now finds itself on an unsustainable trajectory towards bankruptcy.