US budget deficit record high – E24

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The budget deficit under President Donald Trump has reached new heights and is now just over 29,000 billion kroner, the US Treasury Department states.

The US budget deficit and government debt have skyrocketed under President Donald Trump.

AP / NTB

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The deficit in the budget year 2020 is thus more than three times as large as the year before, which the corona pandemic has contributed to.

However, the budget deficit has grown steadily since Donald Trump took over as president.

US government debt has also increased sharply under Trump and is now at just over 250,000 billion kroner. At the same time, the country’s trade deficit with the rest of the world is higher than in 14 years.

So far this year, Congress has allocated just over 28,000 billion in crisis assistance related to the pandemic, but there is little indication that there will be agreement on a new crisis package until after the election.

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Lower production

The outlook for the US economy is not bright either, 16 days before the election in which Trump is challenged by Democrat Joe Biden.

Industrial production in September fell by 0.6 per cent and was at its lowest since the corona pandemic hit the United States with full force this spring.

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Many unemployed

Last week, the number of new applications for unemployment benefits also increased to 898,000, the highest level since the end of August.

Before the pandemic hit, the number of applications was around 200,000 a week.

Around 22 million Americans lost their jobs when the pandemic hit this spring, and there are still 10.7 million fewer people employed than in February.

GDP is shrinking

In 2018, the United States’ gross domestic product grew by 2.9 per cent, the following year by 2.3 per cent. This year, according to the OECD, it is expected to shrink by 3.8 percent.

50.5 percent of those polled still believe that President Donald Trump is doing a good job with the US economy, while 47.5 percent believe that he is doing a bad job, shows an average of the latest polls, prepared by RealClearPolitics.

54.2 percent think Trump generally does a bad job as president, while 42.8 percent think he does a good job, shows a weighted average of polls conducted by FiveThirtyEight.

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