Biden and Harris leave America in a state of fiscal turmoil
Amidst a world facing turmoil from the Middle East to Ukraine and beyond, Joe Biden and Kamala Harris have left a dire financial situation for their successors in office: Public debt is on track to exceed 100% of US GDP this year, a level not seen since just after World War II.
Yet, the massive spending under Biden’s leadership has yielded little to show for it, except for high prices that continue to impact Americans, despite assurances of decreasing inflation from the White House and its media allies.
In addition, Biden increased the IRS workforce significantly.
Reflecting back to early 2021, when Joe and Kam assumed office, the economy, recovering from the effects of COVID, was showing signs of improvement, with budget deficits expected to return to normal levels following pandemic relief spending.
However, Biden’s near-$2 trillion “American Rescue Plan” triggered a surge in inflation, leading to costs of over $10,000 for average families.
With additional spending on student loan bailouts, infrastructure projects, the CHIPS Act, and other appropriations bills, the projected cumulative deficits between 2021 and 2031 saw a staggering increase of $6.8 trillion, according to the Congressional Budget Office.
Federal spending in the past year, reaching 24% of GDP, is the highest in history outside of war and recession periods.
Each household now carries a debt share of nearly $213,000 due to Uncle Sam’s fiscal situation.
Despite the concerning numbers, the Biden administration continues to misrepresent the reality of the fiscal crisis, claiming to have reduced budget deficits while using similar tactics to deflect blame for inflation.
The future under a President Harris seems to promise more high-spending policies akin to Biden’s, burdening taxpayers further and imposing a growing debt on future generations.
As the world faces uncertainties, the fiscal legacy left by Biden only brings distress to the nation and its people, with the financial nightmare hitting close to home.
