The White House released the President’s Budget today; it is a $6 trillion dollar package that picks up where the COVID pandemic relief spending left off. For context, the pre-pandemic budget proposal for FY2021 was $4.9 billion. That got blown up by COVID relief spending. Below are three charts to show the scope. First, total federal outlays to date and proposed under the federal budget.
Second, revenue to the Federal government by source by percent. In 2010, taxes (personal, corporate, and excise) were about 54 percent of federal revenue, in 2021 they were about 57 percent, and by 2026 they are projected to be 64 percent. The balance is Social Security receipts, federal trust income, and interest income.
And third, USDA...
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...
