I’m seeing news stories about how the US deficit was reduced by half down to $1.4 Trillion within the last year. How is this possible to move this fast? Does the current government have anything to do with it or is it all external factors?
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Deficit isn’t debt. The deficit is the shortfall in any given year, the debt is *all* of the shortfalls across all years.
The deficit has been reduced in major part because there was an immense amount of spending last year due to pulling through COVID without as much revenue, and now we’re going back to normalcy.
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