Damn Debt

For the year ending 6/16, the budget deficit totaled $523 billion, up 20.6% from a year earlier. As a percentage of GDP, it’s 2.9%, the highest level since 3/15. Revenues grew 2% in the last 12 months, spending grew 4.3%. Nominal GDP growth during this time was also about 2.9%, so the debt/GDP ratio did not worsen. But it will going forward due to rising Social Security and Medicare.