President Biden loves to demonize his opponents like Republicans over spending and the Federal budget. Biden argued that his budget won’t increase taxes on Americans making less than $400,000 a year and will ultimately cut the deficit by $2 trillion over the next decade. The president has yet to release his budget plan but has promised to do so by March 9.
Of course, Biden ignores “the inflation tax” which is crippling American households (negative REAL hourly earnings growth for 22 straight months). And while he won’t raise taxes on Americans making less than $400,000 (he doesn’t have the authority), he loves to spend money like most of Congress. Without tax increases, The Federal Government will have to issue MORE debt and run budget deficits in perpetuity.
Here is the sickening forecast of Federal budget deficits. Budget deficits are forecast to keep rising and are project to hit -$20 TRILLION over the next 10 years.
Here is the spreadsheet of projections from the Congressional Budget Office.
The US is already experiencing irresponsible growth in Federal debt and interest payments on the Federal debt.
Interest costs will nearly triple in the next decade. The Federal Reserve has increased interest rates eight times since early 2022 to combat high inflation — which has contributed to the significant increase in the federal government’s cost of borrowing. In CBO’s projections, such costs would rise from $475 billion in 2022 to $1.4 trillion in 2033. Over the upcoming decade, CBO projects that net interest payments will total $10.5 trillion; relative to the size of the economy, net interest would grow from 2.4 percent this year to 3.6 percent in 2033. In 2030, the ratio of interest to GDP would total 3.3 percent, the highest recorded since 1940 (the first year for which such data are reported).
And don’t forget that the Federal government (meaning taxpayers) are on the hook for $181.6 TRILLION in unfunded liabilities.
Here is my black German Shepherd listening to me talk about the dangers facing the US economy.
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