The US government’s war against the coronavirus is imposing the heaviest strain on the Treasury since America’s drive to defeat Nazi Germany and imperial Japan three-quarters of a century ago.
The Congressional Budget Office has warned that the government this year will run the largest budget deficit, as a share of the economy, since 1945, when World War II ended.
Next year, the federal debt the sum of the year-after-year gush of annual deficits is forecast to exceed the size of the entire American economy for the first time since 1946. Within a few years, it’s on track to set a new high.
It might be surprising to hear that most ec…
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