The US Treasury on Monday said it plans to borrow nearly $3tn in Q2 2020 — more than five times the previous record in 2008— as the govt spends swiftly to mitigate the impact of Covid-19 on the economy. The Treasury’s net borrowing in 2019, by contrast, was $1.28tn. The latest estimate is over the original target of Q2 issued in early Feb which instead expected repayment of $56bn debt by govt.
Why do news outlets couch government spending language on this way? It perpetuates the deficit myth for countries that have their own fiat currency.
In other news, pandemic currently and wasn't one with Obama. Wow.
Hopefully we can rebound after the pandemic