Unorthodox Fiscal Policy (Debt/Deficits): Inflation/Deflation, Crowding-Out, Monitization, Taxation, Social Welfair and Living Standards.

Unorthodox Fiscal Policy (Debt/Deficits): Inflation/Deflation, Crowding-Out, Monitization, Taxation, Social Welfair and Living Standards. The U.S. Federal Government (corporate/household) debt, deficits and over accomodation is unorthodox fiscal policy, massive debt issuance (and tax cuts) are unprecedented!!! According to Congressional Budget Office (CBO), for the first nine months of this fiscal year, the budget deficit rose to a record amount of $2.7 trillion, double the maximum deficit ever recorded. For June, the deficit was $863 billion, 107x the $8 billion in June of 2019. The deficit if forcast at $3.9 trillion!!! Well in excess of $1.4 trillion of 2009. The recession has caused tax receipts to fall 28%. Of the $3.9 trillion: 20% to Income Security, 19% Social Security, 14% Medicare, 12% National Defense, 12% Health, and 7% Net Interest!!! According to U.S. Debt Clock.org, the U.S. national debt is over $26.5 trillion, or $80,000 per person or $200,000 per tax payer!! U.S. federal spending is over $6 trillion. U.S. federal debt-to-GDP is +132%. And according to the U.S. Treasury, foreign holdings of U.S. Treasury securities total $6.8 trillion (April 2020): Japan $1.3 trillion (19%), Chinal $1.1 trillion (15%), and U.K. $369 billion (5%). Federal Reserve holdings of U.S. Treasury securities total $4.2 trillion; and Social Security Trust Fund (OASI/DI) hold $2.9 trillion in U.S. Treasury securities. Lastly, total Social Security Liability ($20.6 trillion), Medicare Liability ($31.9 trillion), Unfunded Liabilities ($153.2 trillion), for a total liability per person of $464,000. This does not include total corporate debt of $6.6 trillion and total household debt of $14.3 trillion.  Macroeconomic, Fiscal Policy, Government Finance and Budgeting, Tax Policy, Public Administration, and Public Finance text books need to be revised and rewritten under the reality of massive debt and deficits; and we need to develop new real-applied post-modern neo-macro public finance economic theories, to try to explain this, its outcomes and implications on currnet and future generations (social welfair/mortality), capital markets (value stocks/bonds/real estate), labor markets (labor participation/employmemt/wages), real economy (production/income), and living standards (inflation/taxation/poverty).....Sincerely, Dr. Souza

U.S. National Debt Clock : Real Timehttps://ticdata.treasury.gov/Publish/mfh.txt

https://ticdata.treasury.gov/Publish/mfh.txt

https://www.fiscal.treasury.gov/files/reports-statements/mts/mts0520.pdf

https://www.fiscal.treasury.gov/files/reports-statements/mts/mts.pdf

Deficit rises to record $2.7 trillion amid pandemic: CBO

https://www.ssa.gov/cgi-bin/investseries.cgi

https://www.federalreserve.gov/releases/h41/current/h41.htm#h41tab1

https://fred.stlouisfed.org/series/NCBDBIA027N

https://www.newyorkfed.org/microeconomics/hhdc.html