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The Congressional Budget Office or CBO said that The U.S. will see a $3 trillion budget deficit this year, close to the 2020 record. This is the adjusted computation of the CBO after it incorporated the impact of President Joe Biden’s Covid-19 relief program.
The deficit for the full 2020 fiscal year was $3.13 trillion, the biggest relative to the size of the economy since World War II.
The good news is that the agency also sees gross domestic product increasing 7.4% this year, double the prior forecast of 3.7%.
However, the annual GDP average is 1.6% in the five years through 2031, similar to its prior forecast.
With a stronger economy and a huge budget deficit, what will be the bottomline.
The effects of a stronger economy will partially offset the deficit effects. More money will go into the pocket of the government. That should control their money sprinting spree, at the very least.
If GDP grows, it should also signal the rise of employment and should surpass its pre-pandemic level by this year. That means money is being passed around instead of being handed down.
However, because our financial system and economy are faulty by design, it will take more than just small businesses opening up again and people spending again.
We need to produce products, shift to renewable energy but manufacture our own solar panels and other devices and equipment that we will use to maintain renewable energy.
We need to get ahead of technologies instead of watching creators, developers and investors go east.
We also need to consider that the projections don’t include Biden’s recently proposed infrastructure bill or his other longer-term economic proposals.That requires more money that the current projected GDP will not be able to cover.
Even without that, the CBO sees inflation right at the same figure by the end of 2021.
Remember, they continue to make us believe inflation is below 4%.
The CBO said it will release a more detailed 10-year outlook on July 21 and further documents outlining the effects of Biden’s economic plans in the month.
In the meantime, remember that different analysis present different projections when it comes to economic recovery, inflation, and GDP but they all have one thing in common, it’s not good enough.
So, don’t rely on economic growth to secure your future. Revisit your portfolio and take a look at how you are allocated. Remember that risky investments are even riskier nowadays so invest in assets that could hedge you against inflation and other economic disasters.
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