Do you remember how mainstream statists were proudly proclaiming how good and beneficent the federal government is? Do you remember they were saying that the stimulus checks were "free" money being sent to people by the federal government? Do you remember those letters sent out by President Trump making it look like he was the one responsible for sending all this "free" money to American voters?
This week, the Congressional Budget Office said that "the federal budget deficit is projected to hit $3.3 trillion."
Why is that significant?
Well, for one thing before the coronavirus crisis, the federal deficit for this fiscal year was going to be "only" $1 trillion. Now it's projected to be $3.3 trillion.
That means that the federal government is spending 3.3 trillion more than what it is bringing in with taxes.
How does it spend more than it has? By going further into debt.
In 2018-2019 fiscal year, the federal debt was $22.7 trillion