When the “outgoing” is greater than the “incoming”, a deficit arises. In political discussion, this usually refers to the US fiscal deficit, which has risen from $5.7T in 2000, to $35.3T today. Bush the younger spent $4.3T on the “war on terror” in Afghanistan and Iraq. Obama spent $9.6T bailing out the economy after banks crashed housing. Trump spent $8.1T on tax cuts for the wealthy. Biden spent $7.6T keeping the economy out of depression during the COVID pandemic. Republicans spent on wars and billionaires, and Democrats spent on keeping the economy alive, both parties showing their core concerns. The deficit is large and growing, with real economic consequences, but it is really on
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