Brian Riedl June 16, 2020

2020-Deficit-soars

In 2020, the federal government is projected to spend $49,000 per household—by far the largest total ever, in nominal terms. Federal spending is projected to rise to nearly 29% of the economy, while revenues are projected to collapse to just 10% of the economy.

Brian Riedl is a senior fellow at the Manhattan Institute. He is the author of the new report, “Coronavirus Budget Projections: Escalating Deficits and Debt.”  Follow him on Twitter @Brian_Riedl.

Interested in real economic insights? Want to stay ahead of the competition? Each weekday morning, e21 delivers a short email that includes e21 exclusive commentaries and the latest market news and updates from Washington. Sign up for the e21 Morning eBrief.

Photo by Vectorios2016/iStock Latest on Economics: Budget Manhattan Institute Economics21 (E21) is a project of the Manhattan Institute for Policy Research (MI), a leading free-market think tank. Are you interested in supporting our work? As a 501(c)(3) nonprofit, donations in support of MI and E21 are fully tax-deductible as provided by law (EIN #13-2912529).

This article originally appeared in  Economics 21 and is republished with permission from our friends at the Manhattan Institute for Policy Research.