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Drowning in Debt

Where is the Tea Party segment of the Republican political agenda that was so prevalent just a few years ago? The “Taxed Enough Already” crowd seems to be in hiding as advanced economies in the world, such as the United States, have seen debt rise to 128 percent of global domestic product as of this summer, according to the International Monetary Fund. Countries throughout the world have boosted spending as they battle the coronavirus. But none have spent more than the United States.

As countries worldwide spend with no end in sight to battle the virus, government debt has soared to levels not seen since World War II in the 1940s or the New Deal in the 1930s. So, we are talking the highest national debt since the last world war, or 75 years ago, when U.S. debt ran up to 118 percent of GDP.

During the Great Recession — the worst recession post World War II (until the coronavirus)  — the federal government under President Barack Obama spent about $1 trillion in stimulus and bailouts of financial institutions and automotive companies. So far, the money spent in response to COVID-19 is about $2.35 trillion, or an average of just shy of $20,000 for every household in the nation. And the federal government, specifically the Federal Reserve, Read More

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