The federal budget ballooned by almost 50% in 2020 due to Covid. Fair enough given that unemployment skyrocketed from 6 million to 23 million. But why is the budget still so bloated at $7.3 trillion as proposed by the outgoing Biden Administration for 2025? Why hasn’t it returned to a more reasonable inflation-adjusted $5.5 trillion which, coincidently, matches revenue projections for 2025. The federal debt, in just 6 short years, has exploded 650% from $5.5 trillion to $36 trillion. We hope that the Trump Administration brings with it some sanity and fiscal responsibility.
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