https://thehill.com/opinion/finance/3820478-big-spender-biden-to-blame-for-inflation-and-coming-debt-ceiling-brawl/
In just two years of Joe Biden’s presidency, our national debt has grown by $3.8 trillion. Beginning in 1929, it took the U.S. Treasury 61 years to accumulate that much borrowing.
Yet Biden has the temerity to call Republicans “fiscally demented.”
The fight over raising the debt ceiling is just beginning, and already the embattled president is insulting those who oppose his reckless spending, which is, as I write this, crashing our economy. It will get worse — the downturn and the name-calling.
President Biden tossed trillions in unnecessary COVID-19 relief onto a fast-recovering economy, punching up inflation to 40-year highs as too many dollars chased too few goods.
The Committee for a Responsible Federal Budget reckons Biden has added $4.8 trillion to our deficits through executive actions and legislation. This is in addition to our normal spending.
Meanwhile, no one – including many Republicans – has been minding the store.
Now we see the beginning of the recession that the Federal Reserve deems necessary to drive down inflation. Retail sales, housing and manufacturing have turned down. Federal Reserve Chairman Jerome Powell has said unemployment must go up and growth must go down in order to reach the central bank’s 2 percent official inflation target.
We are, in effect, about to pay for Joe Biden’s largesse — with people losing their jobs and businesses going under. When our nation’s biggest banks set aside billions to cover expected loan losses, as they just did at the end of the year, it is because they expect companies to default on loans and people to get into trouble financially. This is not an act of God; this is because our leaders spent too much money.