Name: You're Being Lied To: The Federal Deficit Is Bigger Than You Think
Uploaded: 2023-10-26T15:05:44+00:00
Duration: 3 min 42 s
Description: From Peter St Onge, Ph.D., @profstonge: Turns out this year's federal deficit is a lot bigger than they claimed, and growing twice as fast. Thanks to a cute accounting gimmick that counted student loa

2 years ago

News Federal deficit Peter St Onge analysis growing deficit misleading deficit claims student loan cancellation accounting gimmick $2 trillion deficit 40% deficit increase Congress debt projection $144 trillion by 2053

From Peter St Onge, Ph.D., @profstonge: Turns out this year's federal deficit is a lot bigger than they claimed, and growing twice as fast.

Thanks to a cute accounting gimmick that counted student loan cancellation as revenue.

That means our deficit is already $2 trillion -- up 40% on a year ago. And it means Congress promising $144 trillion in debt by 2053 could actually be low-balling.

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