With A $2T Deficit This Year, Washington’s Fiscal Failure Is Worse Than You Think

 In the 12 fiscal months that ended on Sept. 30, the federal deficit effectively doubled compared to 2022.

From an accounting standpoint, Washington ran a roughly $1.4 trillion deficit in 2022 and a $1.7 trillion deficit this year.

If you consider the $321 billion it "Spent" when the Biden administration first announced its "Forgiveness" plan in 2022 and the $321 billion it "Saved" when the Supreme Court struck that plan down, the federal government actually ran a deficit of $1 trillion in 2022 which jumped to $2 trillion in fiscal 2023.

Removing the accounting adjustments for a plan that never went into effect reveals just how much the deficit has rebounded under Joe Biden's watch.

Fiscal Danger Ahead Inflation-increased spending portends major fiscal problems ahead. The Treasury report claimed that the deficit increased from 5.4 percent of the economy's GDP in 2022 to 6.3 percent of GDP in 2023.

Because the latter number includes the phony savings from the striking down of "Loan forgiveness," it understates the depth of our deficit problem.

For the federal government to run a deficit approaching 7 percent of its economy during a time of relative economic growth demonstrates a dangerous level of fiscal recklessness.

https://thefederalist.com/2023/10/26/with-a-2t-deficit-this-year-washingtons-fiscal-failure-is-worse-than-you-think/