Equally divided among every household in the United States, how large was the gap between government spending and revenues in 2021?
In 2021, federal, state, and local governments spent $9.2 trillion and received $6.7 trillion in revenues, leaving a gap of $2.5 trillion. This is an average shortfall of $19,293 for every household in the country. In 2020, governments enacted trillions of dollars of Covid-19 "relief" and spent the largest portion of the U.S. economy in the nation's history, but this spending was supposed to dramatically fall in 2021. However, Congressional Democrats and President Biden passed a law that enacted 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. Then the Democrats and a handful of Republicans passed another $1.2 trillion in deficit spending for "infrastructure." When governments spend more than they collect in revenues, the resulting debt is "borne by tomorrow's workers and taxpayers." This can manifest as inflation and other outcomes that lower people's standards of living.