Commentary
According to the U.S. Treasury, year-end data from September show that the deficit for the full year 2023 was $1.7 trillion, $320 billion higher than the prior year’s deficit. As a percentage of GDP, the deficit was 6.3 percent, an increase from 5.4 percent in fiscal year 2022. This means that the United States will likely post the worst GDP growth (excluding debt increases) since 1929, or, in other words, that the country is in a recession disguised by bloated deficit spending.
