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US govt lost more money last year than entire Australian economy produced

February 28th, 2018
Categories: Past News

Link: https://www.rt.com/business/420002-us-government-trillion-losses/

An annual financial report released by the US Treasury this month showed the government lost over a trillion dollars in 2017. That is more than Australia’s GDP.

“The Government’s “bottom line” net operating cost increased $105.0 billion (10.0 percent) during [fiscal year (FY)] 2017 to $1.2 trillion,” said the report.

The huge sum constitutes the size of the entire Australian economy; it amounts to a loss of more than $2.2 million per minute. Despite that, the report noted that during FY 2017, the US economy continued to grow and the unemployment rate declined.

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