COVID-19 Has Spurred Fiscal Conservatives to Embrace the Idea of a Budget Deficit
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- For the last 75 years, economists have consistently warned against the idea of borrowing too much money, lest inflation devalue the US Dollar.
- As COVID-19 has wreaked havoc in North America and across the world, even deficit hawks have conceded that the US government must dramatically increase its borrowing power to stave off financial ruin.
- The US federal government will borrow $3 trillion from April to June to help businesses and workers get through the COVID-19 recession.
- In April alone, the United States recorded a larger budget deficit in a single month than it did for all of the 2017 fiscal year, a total of $738 billion.