According to the Congressional Budget Office’s (CBO) latest “Update on the Budget Outlook,” this year’s $3.3 trillion federal deficit is not just three times larger than last year: it is the largest federal deficit in history. The CBO update also predicts that the federal debt will equal 104 percent of the gross domestic product (GDP) next year and will reach 108 percent of GDP by 2030.
The CBO update also shows that the Social Security, Medicare, and highway trust funds will all be bankrupt by 2031. This will put pressure on Congress to bail out the trust funds thus further increasing the debt.
This year’s spike in federal spending was caused by the multi-trillion dollar coronavirus relief/economic stimulus bills passed by Congress and signed by the president. However, spending had already increased by $937 billion from the time President Trump was sworn in until the lockdown.
Federal spending is unlikely to be reduced no matter who wins the presidential election. Former Vice President Joe Biden has proposed increasing spending on everything from Obamacare to militarism to “green” cronyism. Yet some progressives are attacking Biden for being to “stingy” in his spending proposals. Even more distressing is how few progressives are critical of Biden’s support for increasing the military budget.
With some notable exceptions, such as his infrastructure plan, President Trump is not proposing any massive new spending programs. However, he is not promising to stop increasing, much less cut, federal spending.
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5 comments:
Oh screw yourself and your debt paranoia. I been hearing this $hit forever. This country has alot bigger problems than debt!
The Democrat/rino china collusion forced this to happen.
The US Government is a criminal cabal
Biden has been quoted say, if elected president, he’d raise taxes that would generate an additional $1,000,000,000,000,000 trillion dollars over a 10 year period. Simple math tell you that it will take 30 years just to pay off this $3,300,000,000,000,000 trillion. How the hell are we suppose to pay the current $22,000,000,000,000,000 trillion debt???
Really 7:28. As we are distraced they push up the debt..the democrats/china collusion forced a increase, with clinton cleaning out Social security so now any equity we had is gone, nothing but a total pile of debt. Its on purpose
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