This year’s deficit (so far) will match the combined deficits from 2014 to 2019. It is by far the largest nominal deficit in history. Before this year, the largest was $1.4 trillion in 2009. Even after accounting for inflation, it is a staggering sum. The United States has not run deficits anywhere near this large since World War II.
Brian Riedl is a senior fellow at the Manhattan Institute. He is the author of the new report, "Coronavirus Budget Projections: Escalating Deficits and Debt." Follow him on Twitter @Brian_Riedl.
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