Words & Numbers
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Insightful weekly commentary on news & current events from economist Antony Davies and political scientist James R. Harrigan.
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When Is This Year’s “Deficit Day”?
October 17, 2018
Imagine, if you will, that the United States federal government somehow received all of the money it normally would for the entire year on January 1st. The day it would have spent it all and started deficit spending (that is, spending money it simply doesn’t have) could be dubbed “Deficit Day.” This year, 2018, that day falls on October 19th. From this day until the end of the year, the US Federal Government is spending money it doesn’t have to the tune of about $11 billion per day. So what does that mean for the government? What does that mean for the people? Join Antony Davies and James Harrigan as they dive into this and more on this week’s episode of Words & Numbers
Show Notes:
Trump administration stifles free speech
Foolishness of the Week
Government regulating pizza toppings
Topic of the Week: Deficit Day
Congressional Budget Office projections
Federal receipts and outlays over time
Interest rate on the federal debt
Flemming v. Nestor (1960): You do not have an earned right to Social Security benefits
Helvering v. Davis (1937): Social Security taxes are part of the general revenue
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