Thanks as always to Pirate’s Cove, Bacon Time, The Other McCain and Whores and Ale for the Rule Five links! And don’t forget to check out the series finale of the Mystical Child series over at Glibertarians.
Now then: President Biden(‘s handlers) have presented a budget, and it’s a jaw-dropper. Excerpt:
Of all President Joe Biden’s awful economic policies, none will have as nasty and lasting an impact on average Americans as the sheer growth he’s proposing for the federal government. His newly unveiled budget lays bare once again the Democratic Party’s sharp socialist turn.
Biden’s budget is, in a word, mammoth. It proposes a total of $6 trillion in spending next year, with a budget deficit of $1.8 trillion. That’s a 36% rise above the pre-pandemic spending of $4.4 trillion in 2019. By 2031, the Biden plan sees spending of $8.1 trillion, while annual deficits will remain above $1.3 trillion every year for all 10 years.
Numbers crunched by the Congressional Budget Office show that Biden’s spending plans would add $22 trillion to our deficits over and above current levels in the decade.
That translates into a massive, unsustainable increase in publicly held federal debt, from an estimated $22.6 trillion this year to just under $43 trillion in 2031. For comparison, it took the U.S. more than 210 years to reach $5 trillion in total federal debt. In the 22 years since then, we’ve added 3.6 times that amount.
Put still another way, our debt will go from 108% of our total GDP to over 130%, a level most economists see as fiscally dangerous, even for a country as well-off as the U.S.
“In just a little over 100 days in the White House Biden has won the mantle as the most fiscally reckless president in American history,” as our friends at The Committee to Unleash Properity put it. “He’s making Barack Obama look like a piker. If his red ink schemes pass Congress, he will have added more to the national debt than the previous five presidents combined.”
This is unsustainable – and inflationary. And the GOP isn’t helping matters any:
That the Republicans can now offer a “compromise” infrastructure bill close to $1 trillion, one of the largest spending bills in American history, and still have both the media and their Democratic Party allies call it “small” and “flimsy,” shows just how low we’ve sunk, fiscally speaking.
Yeah, we’re probably hosed. It’s hard to see a way back from the fiscal cliff; our front wheels are already over the edge and the Biden(‘s handlers) Administration is stomping on the gas.
There are only two ways out of this mess. We can grow our way out of it – unlikely, as both parties now seem to have embraced growing government rather than growing the private-sector economy – or we can inflate our way out of it, which hasn’t worked out so well, historically.
It seems to be a rule of history that great nations rarely are destroyed solely by outside forces; the wrecking begins from within. It’s just too bad that the current crop of pols seems determined to accelerate the process, just to buy more votes from the economically illiterate.