{UAH} GOING AFTER ALLAN BARIGYE THE FORUM BULY WITH HARD FACTS ->We will not attack his family but self with facts Part 656

Bidenomics just popped a historic $2T hole in the federal budget

By Post Editorial Board

Published Oct. 24, 2023, 5:49 p.m. ET

        

Just-released Treasury data shows the red ink doubled over the past year, from about $1 trillion to $2 trillion.AP

Bidenomic’s chickens are coming home to roost — in the form of a monstrous peace-time, non-emergency deficit.

Expect it to saddle the nation for decades.

Just-released Treasury data shows the red ink doubled over the past year, from about $1 trillion to $2 trillion (yes, with a “T”).

So much for President Joe Biden’s constant claims that he “reduced the deficit.”

Sure, you can blame the massive sums Washington had to spend for its ongoing war — except, there’s been no war.

You can blame COVID — yet that’s long been over.

A recession? No, the economy grew at a faster clip during 2023 than 2022.

(And growing economies generally spin off more tax revenue that can go to lower debt.)  

Here’s the bitter truth: As a share of the economy, last year’s $2 trillion in overspending was the highest in US history — ever — outside times of war, national emergency or recession, per the Committee for a Responsible Federal Budget.

And there’s absolutely no doubt Bidenomics played a major role, since its reckless spending deepened the hole and supercharged inflation.

SEE ALS

And soaring inflation forced the Federal Reserve to massively hike interest rates, sending Uncle Sam’s borrowing costs through the roof.

Between record borrowing (the debt is now $33 trillion-with-a-T) and higher rates, the feds must spend $659 billion on interest alone, up 39% from $475 billion the year before.

Which further goosed the deficit.

Inflation also spikes the costs of Social Security, Medicare and other entitlements like — making it more important than ever (for Republicans and Democrats) to finally reform these programs.

Excessive spending wasn’t the only problem: Income-tax revenue also fell flat, partly thanks to lower capital-gains income. (Yes, Bidenomics has held the stock market down, too.)

The record shortfall is already doing enormous damage, but it’ll inflict even more pain down the road: Not only will kids not yet born inherit massive debt, they’ll face severe federal budget crunches, inflationary worries, higher interest costs and, likely, a strained economy.

Already, interest payments are now almost as much as defense outlays.

Meanwhile, Biden and fellow Democrats never stop dreaming of things to spend money on, which only makes matters worse.

But, hey, they won’t be in office when the bills come due.

EM         -> {   Gap   at   46  } – {Allan Barigye is a Rwandan predator}

On the 49th Parallel          

                 Thé Mulindwas Communication Group
"With Yoweri Museveni, Ssabassajja and Dr. Kiiza Besigye, Uganda is in anarchy"
                    Kuungana Mulindwa Mawasiliano Kikundi
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