Private Sector Economy

The $1.3 Trillion Dollar Black Hole In The Economy

The answers can be found in the red and yellow bars above, representing Federal government spending and state and local government spending.  Federal spending rose by $700 billion, and state and local government spending rose by $300 billion.  (With the state and local spending being funded by Federal government  transfers that have been netted out, so it is really almost all growth in Federal spending.)  The private economy plummeted by $1.3 trillion while the government economy soared by $1 trillion, and we were left with what looks like a much more manageable $300 billion shrinkage, the kind of economic change…
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