I believe we are.
This is kind of interesting. The article on the budget deficit is from August. From what I have been reading in WaPo, etc., they are claiming the deficit increased. This does not surprise me either with all the inflation occurring from oil, supply chain issues, etc. The question to ask is whether we are worse off than the 2008 collapse of Wall Street and the resulting recession.
This article is from Politico; “White House projects record drop in budget deficit.”
The Biden administration was projecting a record decline in budget deficits this year as federal tax receipts outpace expectations and spending on pandemic aid programs wanes.
The budget gap for fiscal 2022 will total an estimated $1 trillion — $1.7 trillion less than the deficit last year and about $400 billion less than officials projected in March, according to the White House’s mid-year budget update released Tuesday. That would be the lowest annual deficit since 2019, before the pandemic plunged the U.S. into a deep recession and prompted a wave of government spending to cushion the economy.
U3 Participation Rate is just about back to the same percentage as what is was in 2019. Some will tell you the percentage does not matter. the number of people employed matters. I tend to think the percentage matters.
The economy recouping has been far faster. A whirlwind last two years with the economy improving. Students got were receiving forgiveness of their loans. Medicaid Maternal healthcare was now one year in many states. Costs of healthcare insurance under the ACA decreased for those under 250% FPL. The ACA was more affordable.
In the first year, funds were paid out to families and more so if there were children. Companies received loans to make payroll. There were a lot of things happening here that I do not recall happening in 2008.
Maybe I missed it while driving out to upstate NY from Michigan where my new job was.
“White House projects record drop in budget deficit,” POLITICO, Kate Davidson, August 2022