U.S. fiscal deficit a ‘more serious problem than ever before.’

Former Treasury Secretary Larry Summers believes that the current federal budget deficit poses a greater challenge for the economy than it has before in U.S. history.

  • Summers discussed the issue of IRS enforcement of tax laws, an issue that he said was of increasing importance when the fiscal deficit remains so high.

The budget deficit is large not only in absolute terms, but also relative to the size of the U.S. economy. The 2023 shortfall came in at 5.3% of GDP, well above the average 3.8% seen over the past 40 years.

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