"Biden either doesn't understand or doesn't care" report | Congress | Biden
On June 29th, the website of The Wall Street Journal published an article titled "Another Biden Economics Disaster" by James Freeman. The article excerpt is as follows:
President Biden devoted a significant portion of the first half of this year to his primary policy focus: preventing the Republican controlled House of Representatives from limiting federal spending growth. A new government report indicates that he has largely achieved success. This "success" may be Biden's most important legacy and the main reason why history will have a negative view on his presidency.
Of course, the current aspect of Biden economics that troubles workers, savers, and consumers is inflation - exacerbated by his excessive spending.
Don't expect the president to learn a lesson. He delivered his Biden Economics speech in Chicago on June 28th, celebrating the large-scale spending he had set before voters handed over the House of Representatives to Republicans. The bad news for tomorrow's workers, savers, and consumers is that a new report from the Congressional Budget Office shows that Biden has largely successfully led the United States onto the path of fiscal destruction.
The Congressional Budget Office has released its latest long-term forecast, which clearly indicates that even with some congressional restrictions, Biden will make life extremely difficult for future generations of Americans. In this forecast, the fiscal deficit will grow annually after 2027 and reach 10.0% of the gross domestic product by 2053. In the past century, this level was surpassed only during World War II and the COVID-19 pandemic.
Federal debt will rise relative to GDP: it will exceed historical highs by 2029, reaching 107% of GDP, and climb to 181% by 2053. Such a high and constantly increasing level of debt will slow down economic growth and pose significant risks to fiscal and economic prospects.
Biden ruled out any possibility of reforming the main welfare plan, which is particularly irresponsible. This is not leadership. Considering that the inflation he helped create has led to a surge in federal debt financing costs, this approach is extremely reckless. The Congressional Budget Office outlined future challenges:
Federal spending will increase again after 2026, reaching 29.1% of GDP by 2053. Driven by an aging population and continuous growth in healthcare spending, expenditures on major healthcare and social security programs are expected to significantly increase federal spending over the next 30 years.
The 46th President of the United States either did not understand or did not care about the math problems that would punish Americans for a long time after he stepped down. The next President of the United States should prioritize reform, which is crucial.
