by Simon Black
Since the beginning of March, the US federal government has spent more than $5 trillion battling the Coronavirus and the effects of COVID-19. And governments around the world, from Europe to China, have spent trillions more.
And that amount doesn’t even begin to scratch the surface of the long-term economic toll, including then incalculable cost of shutting down the economy.
Government-imposed lockdowns have wiped out trillions of dollars, pushing businesses to failure and costing millions of jobs.
And this economic toll also affects tax revenue; with the economy notably weaker, government tax revenue is almost nonexistent this year. So they’re spending record sums of money while generating minimal revenue.
Unsurprisingly, debt levels have spiraled out of control.