EconAir

  PRELIMINARY SUMMARY OF FISCAL 2024 BUDGET The deficit in fiscal 2024 was around $1.8 trillion, about $5.0 trillion in revenue and $6.8 trillion in expenses. Interest on the national debt this year is around $960 billion, over twice the interest on the fiscal 2021 budget. Interest expense this year passed outlays for the military. Leaving aside Social Security and Medicare, interest expense is about 20% of total budget outlays. Interest expense is about half the budget deficit.   The fiscal 2024 deficit was 6.4% of GDP.  SOME BASIC DEFINITIONS AND A LITTLE DETAIL Some basic definitions for people in government suffering from political amnesia:   Deficit.    The difference between the federal government’s spending and its revenue in one fiscal year.  The fiscal year starts on October 1.  So fiscal year 2024 started on October 1, 2023. You know right away this is going to be confusing. Debt .  Short for national debt or ...

Introduction The United States has been the world’s only superpower since the collapse of the Soviet Union in 1991.   In some ways it is more difficult to manage foreign policy without concentrating on one big rival. The United States is vastly stronger in military strength than any possible coalition of enemy forces.   But since 9/11 we are feeling less secure despite huge military and domestic security expenditures.   Our military and national security expenditures of around $1.1 trillion are greater than the military expenditures of next ten countries combined (and most are allies).   This is a consequence of a professional military, a result of eliminating conscription after the Vietnam War, and the highly technical (capital intensive) nature of American military forces and strategy.   There is almost no national debate on U.S. military interventions in other countries.   One reason is that most Americans have no direct involvement...