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Today Joe Biden is expected to release a 6 trillion dollar budget. If your goal was to economically bankrupt America, you couldn’t come up with anything much better than this. According to the Wall Street Journal:
The budget will lay out how the president’s plans for spending over the next decade on infrastructure and social programs, such as paid family leave and universal preschool, will affect federal debt and deficits. Under the proposal, debt as a percentage of annual gross domestic product would within a few years exceed the level at the end of World War II and climb to 117% of GDP by the end of 2031, according to people familiar with the matter. That would be up from about 100% this year.
Biden is planning to push this frightening and unsustainable level of spending on the country despite the fact that we’re beginning to see alarming levels of inflation. As the Daily Wire reported this morning:
Inflation rates are soaring at the their fastest pace in decades according to new numbers released on Friday by the U.S. government. “The Bureau of Economic Analysis’ personal consumption expenditure inflation measure climbed 3.6 percent in April from the prior year — the strongest reading in 13 years and more than the 3.5 percent gain that economists in a Bloomberg survey had expected,” The New York Times reported. “The core price index, which strip out volatile food and fuel prices, rose 3.1 percent in the year through April — the fastest pace since 1992. Prices rose 0.7 percent compared with the prior month, the biggest increase in two decades.”
When inflation is ramping up to sky-high levels in reaction to the sheer amount of borrowing, spending, and money printing that’s going on, announcing that you intend to pursue cartoonishly high levels of spending is madness. Every question about this prompts has an obvious answer. How can we afford this? We can’t. How can we ever pay for this? We can’t. How can the country keep spare itself from going bankrupt if we do this? It can’t.
We have now reached a point where the political demands of the Democratic Party are completely detached from economic reality. If we had a wiser, stronger leader or even political class, they would step up to rein this in. Unfortunately, we have far too many sociopaths, con-men, and weaklings that will say anything to hold power running the show in DC. They’ll just keep telling people what they want to hear even if it ultimately destroys the country. That’s where we’re headed under Joe Biden.
Author: John Hawkins