The United States is in debt of $ 3.1 trillion this year

IIn the United States, the budget deficit has tripled compared to the previous year due to the Corona stimulus packages: In the fiscal year up to and including September, the American government made a loss of 3.1 trillion dollars (2.65 trillion euros). The deficit for 2020 was two trillion higher than estimated at the beginning of the year, as the Ministry of Finance said on Friday. In the previous year, the shortfall was still $ 984 billion.

In order to cope with the severe economic consequences of the coronavirus pandemic, Congress has already adopted economic measures worth around three trillion dollars since March. That is why the expenditure in the past fiscal year was 6.5 trillion well above the income of 3.4 trillion, as the ministry announced.

The unemployment rate is falling again

The public debt of the American government increased significantly during the tenure of President Donald Trump despite the good economic situation and is now around 21 trillion dollars. That is almost the entire annual economic output of the United States.

The pandemic and the measures taken to contain the virus had sent the American economy downhill from March. Growth collapsed and unemployment soared to record highs. According to the Federal Reserve (Fed), the extensive stimulus packages helped prevent an even more dramatic slump. The economy is now recovering and the unemployment rate has also fallen significantly: it stood at 7.9 percent in September. Before the pandemic, however, it was only 3.5 percent – the lowest level in decades.

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