Covid-19 Relief Sends America Deeper Into the Red

By my estimates, the United States will run a deficit in excess of $4.2 trillion in 2020. This comes from a combination of higher costs, stemming from the government's spending in an effort to keep the economy going during a shut down, and a fall in tax revenue, from the economy being in a recession. It could get worse. I have not accounted for any future stimulus, which is likely later in the year if the U.S. economy is still in a deep recession. 

Brian Riedl is a senior fellow at the Manhattan Institute. He is the author of the new report, "Coronavirus Budget Projections: Escalating Deficits and Debt."  Follow him on Twitter @Brian_Riedl.

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