The U.S. deficit, as reported by The Wall Street Journal, is expanding at a pace twice as rapid as initially projected, primarily due to the previously undisclosed student loan debt. This trajectory points to a 2024 deficit that could surpass last year’s by a staggering $600 billion, representing a 40% surge within a single year.
WSJ: Biden's deficit is growing twice as fast as projected, since they hid student loan debt. That means the 2024 deficit will be $600 billion higher than last year — a 40% jump in a single year.
If we actually have a recession in 2024 as seems likely, tax revenue will decline… https://t.co/xQlpyaHmEo
— Wall Street Mav (@WallStreetMav) October 26, 2023
TREASURY SECRETARY JANET YELLEN SAID THAT THE SURGE IN LONGER-TERM BOND YIELDS IN RECENT MONTHS IS A REFLECTION OF A STRONG US ECONOMY
That and… the stupidity of the Fed for keeping rates at zero and doing QE while inflation was heating up.
That and… the government…
— Michael Lebowitz, CFA (@michaellebowitz) October 26, 2023