The U.S. is on track to register a record $3.7 trillion deficit this year owing to an unprecedented effort to prop up the economy. The last time the U.S. ran such huge deficits — measured as a percentage of the economy — was during World War II.
The numbers: The federal government’s budget deficit soared to a monthly record of $864 billion in June, as Washington doled out huge sums of money to try to aid small businesses and unemployed workers amid the coronavirus pandemic.
The last time the U.S. ran such huge deficits — measured as a percentage of the economy — was during World War II.What happened: Washington spent $1.11 trillion last month, up from $572 billion in May. In the same month a year earlier, outlays were a much smaller $342 billion. A year earlier, the states and federal government spent only $2 billion in June for jobless benefits as the unemployment rate moved to a 50-year low of 3.5%. The unemployment rate now stands at 11.1% officially, though unofficially most economists think it’s several points higher.
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