Thanks to stimulus spending, U.S. Debt is expected to exceed the size of the entire economy next year by theothersarahh
shows that national debt is expected to exceed the size of the U.S. economy for the first time since World War II because of the massive federal spending programs enacted to prop up the economy during the coronavirus crisis.In its new analysis, the CBO said it expects the federal deficit to reach $3.3 trillion this year—more than three times the deficit in 2019.
That deficit will push federal debt held by the public to 98% of GDP this year and more than 100% of GDP in the 2021 fiscal year. The last time the debt to GDP ratio was this high was in 1946, the CBO said, after a huge uptick in spending during the second world war. Experts agree that the massive stimulus measures undertaken by the federal government were for the most part successful in preventing an economic crisis even worse than the one that the United States is currently facing.
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