And it’s a good thing they don’t, else we wouldn’t be in the midst of a V-shaped recovery:
The federal government ran up a record October deficit of $284.1 billion, double the red ink of the same month a year ago, as revenues declined while spending to deal with the impact of the coronavirus soared.
The October deficit was double the $134.5 billion deficit logged in October 2019. It smashed the previous October record of a $176 billion deficit set in 2009, when the government was spending heavily to lift the country out of a deep recession caused by the 2008 financial crisis.
The deficit for the 2020 budget year, which ended Sept. 30, totaled a record $3.1 trillion, breaking the old mark for an annual deficit of $1.4 trillion set in 2009.
It’s a good thing the government spending $9.5 billion a day, or $400 million an hour, or $6.5 million a minute, or over $100,000 a second beyond what it vacuums up in taxes doesn’t matter, because if it did, all the money creation underwriting this utterly unpayable debt might destroy the currency it is denominated in.