Add another record to Trump’s historically bad term.
On the 75th anniversary of the end of World War II, the US federal deficit has hit its highest ratio in relation to the gross domestic product since the end of that global conflict, Politico reports.
According to projects from the Congressional Budget Office released Wednesday, the deficit for FY2020 will hit $3.3 trillion–the highest in history–tripling what it was the previous year.
In FY 2017, President Obama’s last year in office, the deficit was $665 billion, less than half the $1.4 trillion run up by the GW Bush Administration thanks to the Great Recession.
Trump has increased the deficit by 500%.
With the rapid increase in the deficit–and subsequently in the federal debt–the US debt will exceed the total US GDP in FY 2021.
Conservatively, the deficit-to-GDP ratio of 16% will be the highest since the Second World War, when it ran around 20%. During the recovery from the Great Recession, that ratio didn’t exceed 10%.