Depressing Deficit

In FY2019, the budget deficit was $984 billion, up from $779 in FY2018. This is the largest deficit in seven years, and the fourth year in a row the deficit has risen; the longest stretch since the early 1980s. The deficit has risen 68% since FY2016, a period marked by profoundly low unemployment and good wage growth. Receipts totaled $3.4 trillion, up 4%, while spending was $4.4 trillion, up 8%.