https://issuesinsights.com/2021/05/28/bidens-wild-spending-binge-its-socialism-not-stimulus/
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.”
Democrats like to say, “who cares? We owe it to ourselves.”