Unemployment Insurance: Household Income and Tax Collections

unemployment insurance: A strong economy typically leads to narrower deficits, as rising household income and corporate profits help boost tax collections, while spending on safety-net programs such as unemployment insurance tends to decline, according to MSNBC. The U.S. economy has been growing for 10 years as of July, the longest economic expansion on record. As the Wall Street Journal reported late yesterday, pointing to new data from the Treasury Department, we've again passed the threshold and it's worth understanding why. Yet annual U.S. deficits are on track to exceed 1 trillion starting this year, due in part to the 2017 tax law, which constrained federal revenue collection last year, and a 2018 budget deal that busted spending caps enacted in 2011. That said, it's a safe bet that the deficit will still exceed 1 trillion. I should emphasize that there's still another month remaining in the fiscal year, which will likely affect the overall deficit for the 12-month period. (news.financializer.com). As reported in the news.