In addition to a world set aflame from the Middle East to Ukraine and beyond, Joe Biden and Kamala Harris have saddled their successors in office with a fiscal nightmare: Public debt is set to top 100% of US GDP this year, for the first time since just after World War II.
And what on earth do we have to show for Biden’s gargantuan spending sprees?
Nothing meaningful, other than elevated prices that continue to punish Americans (even as the White House and its allies in the press coo about softening inflation).
Oh, and he did hire tens of thousands of new IRS agents . . .
Rewind the tape to early 2021, when Joe and Kam came into office.
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The economy, devastated by COVID, was starting to put out green shoots, with budget deficits driven up by pandemic-relief spending set to return to normal levels.
Well, until Joe pushed through his near-$2 trillion “American Rescue Plan” — which touched off the inflation conflagration, costing typical families more than $10,000.
Add in $620 billion in student-loan bailouts, a $440 billion “infrastructure” bonanza, the CHIPS Act, $1.4 trillion in new outlays rushed through in omnibus appropriations bills and so on, and you get some eye-watering results.
Like a $6.8 trillion jump in the projected cumulative deficits over the 2021-2031 period, per the Congressional Budget Office.
And federal spending in the last year that, at 24% of GDP, is the largest in history outside wars and recessions.
The per-household share of Uncle Sam’s debt load?
Nearly $213,000.
And the Biden team has lied and lied and lied about the fiscal catastrophe, routinely claiming it’s reduced budget deficits.
The same playbook Joe & Co. used to first deny and then to shift the blame for inflation.
Sadly, our fiscal future is all too clear under a President Harris.
We’d get more Biden-level spend-a-thons, slamming taxpayers even more and crushing future generations under an ever-metastasizing debt.
As with a globe plagued by war and uncertainty, the Biden fiscal legacy is nothing but woe for our nation and its citizens.
Except that on this front, the nightmare is far, far closer to home.
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Publish date : 2024-09-24 11:20:00
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