Earlier this week the US Congressional Budget Office (CBO) issued its monthly Budget review for May 2024. The US government is eight months into the fiscal year at through May its deficit is 1.2 trillion. While revenues for the period expanded 10 percent, expenses have grown faster - meaning the current year's deficit is 38 billion larger than the prior year. Moreover, the CBO is project that the total deficit for 2024 will be larger than 2023, and larger than previously projected, due to administrative actions associated with student loan forgiveness and international assistance. For context, the deficit in 2023 was $1.7 trillion. It is incredible the US is running such incredibly large deficits in years for good economic growth. With an election around the corner, it is hard to imagine the deficit coming down in the foreseeable future. At this rate US debt, which is currently at $34.8 trillion, will be topping $40 trillion. It makes one wonder aloud; can this amount of debt ever really be paid back? The current strength of the USD indicates that global financial institutions and governments still have faith that the debt load is "manageable."
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Decarbonise Electricity Consumption with EACs
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