Remember what they always say about blind hogs and acorns? The liberal Washington Post recently found a big old whopper of an acorn, as Issues & Insights reports.
Over the weekend, the Washington Post let it slip that all is not well in Bidenomicsville. The deficit, it reports, could end up hitting $2 trillion when the current fiscal year ends in three weeks, which it describes as an “unexpected deficit surge.”
In other words, the deficit will nearly double this year, calling the lie on one of President Joe Biden’s favorite boasts about how he cut the deficit more than any president in history.
But while this apparently comes as a shock to the Post, as well as other liberal news sites that picked up on the Post report, anyone paying attention knew this was happening.
I should say so. Plenty of folks have seen this coming for a while now; the bill, as the old saying goes, always comes due.
Back in February, for example, we pointed out that Biden’s reckless economic policies had added more than $5 trillion to projected deficits, even as he claimed he’d done more to cut the deficit than “any president in history.”
In early June, we noted that revenues had been plunging this year, despite all the boasts about a strong economy, and that “the projected deficit for the entire year is now close to $1.6 trillion, which is almost $300 billion higher than Treasury projected at the start of this fiscal year.”
In July, we pointed out that Bidenflation was pushing up the cost of federal entitlement programs such as Social Security and Medicare, and had resulted in a 37% increase in interest payments on the national debt in the first nine months of this fiscal year. That was the result of the Federal Reserve’s interest rate hikes, which were also a result of Bidenflation.
By August, Treasury had upped its projected deficit for this fiscal year to $1.9 trillion. (Treasury will release its updated projection for the year later this month. Don’t be surprised if the new projection for the 2023 deficit is higher still.)
We are, in my not-so-humble opinion, already past the point of no return here.
I’m not sure what the answer here is, other than some kind of major economic collapse. (We could talk about just repudiating the debt, but that would likely lead to a global economic collapse, so there’s little comfort there.) A few years back I would have said – and did say – that with strong pro-growth policies it would be possible to grow our way out of the debt, but I’m skeptical of that idea now.
I know I keep repeating this, but there’s only one answer now: Cut. Spending.
There are a whole nest of Imperial alphabet-soup agencies that were not mentioned in the Constitution and therefore prohibited by the Tenth Amendment. Get rid of them. Shut them down. If the individual states want an Environmental Protection Agency, let them set it up and fund it, within their own borders, within their own budgets. We’ll see then which states rise and fall, and one would hope, adjust accordingly.
Something along these lines has to happen, because we’re on the road to ruin right not.
