The unemployment rate will eventually rise to 27% — a number not seen since the Great Depression — and the recession caused by shutting down the economy during the coronavirus panic will nearly quadruple the federal budget deficit to $3.7 trillion, the CBO said.
There’s more bad news. The 2020 budget deficit will explode after four coronavirus response bills — with a price tag of $2.7 trillion and rising — will balloon the national debt to nearly $25 trillion in just the remaining six months of the current fiscal year, the report says.
The rate of debt and deficit haven’t happened since World War II.
More @ The Gateway Pundit
IIRR- the CBO has been wrong a little more than it's been right.
ReplyDeleteIn spite of the fact that it's billed as "non-partisan" (insert eye rolling smily) They were wrong on 0bamakare, peak oil, the GM bailout and many more.
I'll wait and see.
In the meantime I'm buying stock in energy and tourist things.......... since they're almost at rock bottom prices for the near future.
energy and tourist things.......... since they're almost at rock bottom prices for the near future.
DeleteGood point.