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In response, Trump signed the $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES) on March 27, 2020 which helped maintain family incomes and savings during the crisis, but contributed to a $3.1 trillion budget deficit (14.9% GDP) for fiscal year 2020, the largest since 1945 relative to the size of the economy.
The U.S. unemployment rate for the August 2024 was 4.2% with around 7 million Americans unemployed. Trump says Wharton School professors support his economic plan
Currently, the US government is running a $1.5 trillion budget deficit, according to Treasury Department data. The nonpartisan Penn-Wharton Budget Model projects it will increase to $2.1 trillion ...
Reducing the rate and eliminating loopholes may make U.S. businesses more competitive, but may also add to the deficit. [155] The Tax Policy Center estimated during 2012 that reducing the corporate tax rate from 35% to 20% would add $1 trillion to the debt over a decade, for example. [160]
In January 2009 (when President Barack Obama was inaugurated), CBO forecast a $3.7 trillion in total deficit increases (debt) during the FY2009 to 2016 period. [13] However, the actual deficits totaled $7.3 trillion, a $3.6 trillion turn for the worse. [151] This difference was mainly driven by the Great Recession being worse than initially ...
Trump presided over the biggest-ever U.S. budget deficit of $3.1 trillion in fiscal 2020, the result of massive COVID relief spending coupled with a massive halt to economic activity that ...
May 8 – COVID-19 pandemic: The national unemployment level reaches 14.7%, with more than 33 million jobless claims having been filed since mid-March. [182] May 12 – COVID-19 pandemic: The Broadway League extends its shutdown of Broadway theatres for a second time, projecting reopening on September 6. [183]
That compares with job losses totaling 12.6 million for Trump. ... $4.3 trillion to the national debt, while Trump approved ... than it did for Trump. Unemployment has fallen 2.4 percentage points ...