Short Lived Recession’s Impact on Inflation Rates and Budget Deficit

After experiencing a 30 percent decline in the United States GDP at the hands of a COVID-19 driven recession, we are looking to witness a 3rd quarter comeback (preventing another infection surge). However, the effects of the recession will be felt for many months beyond this 3rd quarter. The federal budget deficit is set to hit a record high 3.3 trillion dollars, according to the Congressional Budget Office. Naturally, this extremely high deficit is a symptom of massive government spending for Coronavirus stimulus relief and the failed attempt at preventing the virus’ spread through state mandated nationwide shutdowns. Governmental spending was marked at an immense 6.6 trillion dollars after

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