Question

What will be the impact of the projected federal budget for the next 10 years (2020 – 2030) on the U.S. economy?

Answer 1

Ans:-The Federal budget debit/deficit in 2020 is 1.0 trillion dollar and the average deficit between 2020-2030 is 1.3 million dollar, that means the projected deficit increase from 4.6% of GDP to 5.4% in 2030,that means the debt is extreme higher than ever seen. The projection budject says that it is much worse than 2008-2009 crisis.The corona-virus impact affect US economy is 3% decrease in US gross domestic product compared to its early assessment.

The US economy facing major impact on the next ten years (2020-2030).The corona-pandemic influence on the US economy has been rapid.The major impacts are unemployment rate increased from 3.5% in february to 14.7 % in april, the tax revenue fallen,government spending more higher, and the economy rapidly slim after the years of growth.The slower growth rate means increasing unemployment level and low wage and also people's income decreases.