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Main » 2019 » August » 23 » The US budget deficit will reach $ 1 trillion soon
09:06
The US budget deficit will reach $ 1 trillion soon

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The policy pursued by President Donald Trump has a negative impact on the state budget. And if earlier forecast that it will reach $ 1 trillion a year or two, but now everything has changed. 

According to the Congressional Budget Office of the US budget deficit in the current year will grow to 960 billion dollars, while in the next he will be 1.008 trillion dollars. Such dynamics due to a significant increase in the expenditure side, namely within two years they will rise to 320 billion dollars.

 

 

 

According to experts, from 2020 to 2029 the average budget deficit will reach US $ 1.2 trillion, equivalent to 4.7% of GDP, which is almost 1.6 times the average of the past fifty years. 

It should be noted that the majority of the US population live in debt, so the biggest part of the income goes to servicing that debt. Previously noted that an unexpected increase in the yields of government bonds in the US last year dealt a serious blow to the budget. In the current year the situation has changed - Treasuries yields have fallen to the lowest level in several years.

It is necessary to consider that the Fed may soften its monetary policy that will make it possible to reduce interest payments expenditures by 1.4 trillion dollars, but if you take into account the already existing shortage in the next 10 years will reach US $ 12.2 trillion, the marked cost savings very minimal. 

Expectations for the total volume of the US deficit over the next 10 years were increased from 11.4 trillion dollars to 12.2 trillion dollars. So, from next year until 2029, according to estimates economists, the Congressional Budget Office, the country's budget deficit will average at a level of $ 1.2 trillion. 

Thus, the government of the White House is already necessary to take action - to reduce costs, to reform tax policy in order to increase revenue. 

But here it is necessary to take into account the policy of the US chapter - Donald Trump, whose policies and actions lead time for the growth of the expenditure, sometimes they are simply uncontrollable. The Budget Office noted negativity coming because of import tariffs, as well as other countries in the measures that have been taken in response to US policy. 

According to the CBO estimated that last year's presidency of Donald Trump, the US import tariffs and the response of other countries affected by the export and import of US goods worth 3.9 trillion dollars.

 

WELTRADE analyst 

 

 

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