In 2020, the US spent a record breaking 54% of GDP in one year. This is what Fitch meant by “fiscal deterioration” when they downgraded the US credit rating. We are now spending a higher percentage of GDP, 44%, than what was seen in 2008.

The US is now spending 44% of GDP per year, the same levels as World War 2.

In 2020, the US spent a record breaking 54% of GDP in one year.

This is what Fitch meant by “fiscal deterioration” when they downgraded the US credit rating.

Current government spending is… pic.twitter.com/6836KopXrr

— The Kobeissi Letter (@KobeissiLetter) August 6, 2023