Equally divided among every household in the United States, how large was the gap between government spending and revenues in 2020?
Correct Answer
In 2020, federal, state and local governments spent $8.9 trillion and received $5.8 trillion in revenues, leaving a gap of $3.1 trillion. This is an average of $24,166 for every household in the U.S. At the outset of 2021, Congressional Democrats and President Biden passed a law that enacts another $1.9 trillion in deficit spending mainly devoted to social welfare programs and bailouts for state and local governments and private union pension funds. Yesterday, Senate Democrats and 17 Republicans voted to move forward on another $256 billion in deficit spending for "infrastructure." Per the U.S. Government Accountability Office, when governments spend more than they collect in revenues, the resulting debt is "borne by tomorrow's workers and taxpayers."
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