Canada Covid-19: the deficit in the United States reaches records

09:40  17 october  2020
09:40  17 october  2020 Source:   france24.com

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The following is a timeline of the COVID - 19 pandemic in the United States . On December 31, 2019, the U . S . Centers for Disease Control and Prevention (CDC)

Deaths from non-repatriated COVID - 19 cases in the US by state . ^ On April 19, 2020, Washington State removed 222 cases that were discovered to be out of state residents. Washington will not release an update on July 11, 2020 due to the data system being down for maintenance.

Un bar fermé à Manhattan en raison de la crise du Covid-19. © REUTERS - CARLO ALLEGRI A bar closed in Manhattan due to the Covid-19 crisis.

The US budget deficit climbed to an all-time high in 2020, due to spending to help the economy cope with the crisis caused by Covid-19. It exceeds $ 3 trillion, far beating its previous record.

The Covid-19 plunged the United States into the worst health crisis since the Spanish flu of 1918 and the worst recession since the crisis of 1929, with a record budget deficit of over $ 3 trillion.

The federal state deficit for the 2020 fiscal year ended in September reached 3,132 billion dollars, against 984 billion in 2019, i.e. a tripling, the US Treasury revealed on Friday (October 16). It is by far the largest deficit ever recorded by the United States, since it is more than double the previous record.

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The first confirmed case relating to the COVID - 19 pandemic in the United States was announced by the state of Washington on January 21, 2020.

More than 8 million cases of COVID - 19 have been reported in the United States since earlier this year, data showed. COVID - 19 Fallout: Bill Gates Claims 'the Fall is Going to Be Worse Than the Summer' for US . India Still Records World's Largest Daily Rise in COVID - 19 Cases With 63,371 New Patients.

The year 2020 thus comes to dethrone 2009, when, in full recession linked to the financial crisis, the deficit had climbed to 1.400 billion dollars. The accounts of the world's largest economy have been weighed down by the explosion in public spending, which has "considerably increased", underlines the Treasury in its press release. They jumped 47%, to reach 6.5 trillion dollars.

The month of March had indeed seen the Covid-19 spread over the United States. Workers who could were then forced to work from home, while shops and restaurants had to close, laying off, at least temporarily, their employees.

The White House and Congress urgently adopted a $ 2.2 trillion stimulus package, extended by $ 500 billion in April, and which included, among other things, direct checks to Americans, additional aid for the unemployed, or more loans to help small and medium-sized businesses continue to pay salaries.

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6 COVID - 19 cases in the United States chart location. 7 COVID Tracking Project data released under CC-BY 4.0. Should the lead inform the reader that the United States has more than 20% of the world's mortality from COVID - 19 ? One view prefers deaths per capita as a measure of severity.

The COVID - 19 pandemic was confirmed to have reached South America on 26 February 2020 when Brazil confirmed a case in São Paulo.

Millions of layoffs

These measures did not prevent tens of millions of layoffs, however, pushing unemployment benefits to unprecedented levels, the rights of which had also been opened to other workers, the self-employed in particular.

As a result, the Department of Labor's expenditure in 2020 reached $ 477.5 billion, or $ 441.1 billion more than expected. "This increase is mainly due to higher spending on unemployment insurance," said the Treasury in its press release.

The unemployment rate, which was 3.5% in February, peaked at 14.7% in April. As for receipts, they too have helped drive up the deficit. They have decreased very little compared to 2019, but the federal government initially thought it could raise a little more money. But the unexpected drop in income for millions of businesses and Americans reduced the amount of taxes they paid.

A new stimulus plan

The deficit had already risen sharply in 2019 , approaching $ 1 trillion at a time when the US economy was at its best after ten years of growth. Not surprisingly, the debt is also increasing, reaching $ 26.9 trillion at the end of September.

For the time being, the State can count on a contained cost of debt thanks to interest rates close to zero. But in the long run, debt servicing risks translating into lower budgets for education or social programs, economists warned.

However, Donald Trump, during his presidential campaign of 2016, had nicknamed himself "the king of the debt", criticizing with virulence the supposed too large expenses incurred by the Democrats, under the Obama administration.

The Trump administration and the Democrats have been discussing for three months, in an attempt to adopt a new stimulus package, which runs up against deep disagreements between the two camps in particular on its amount, which will constitute an additional burden on the budget of the State.

With AFP

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