Biden’s Budget Projects U.S. Debt Will Smash World War II Record This Year

uTN Social - Free Speech Social Media

President Joe Biden delivers remarks on the April jobs report from the East Room of the White House in Washington, D.C., May 7, 2021. (Jonathan Ernst/Reuters)

President Biden’s budget request is projecting that the U.S. debt burden will reach its highest level in history this year, surpassing the previous record from World War II.

In 2021, according to the Biden budget, the U.S. debt will reach 109.7 percent of GDP, which would blow past the previous record of 106.1 percent, just as the U.S. was coming out of World War II. It will then exceed the record every year over the next decade, reaching 117 percent of GDP by 2031.

Advertisement

While it is true that Biden inherited a high debt level as a result of the pandemic and the continued flow of Baby Boomer retirements driving up entitlement spending, Biden’s spending binge is exacerbating the problem. He signed a $1.9 trillion “COVID relief” bill in March, even though the pandemic was fizzling out and Congress had already spent $4.1 trillion on the pandemic. He is now proposing an additional $4 trillion in spending just this year.

NR Daily is delivered right to you every afternoon. No charge.

Get Jim Geraghty’s tour of the political news of the day.

Get Kevin D. Williamson’s newsletter delivered to your inbox each Tuesday.

A weekly digest on business and economics from an NR sensibility.

We’ll deliver The Capital Note to your inbox each weekday. No charge.

Overall, Biden’s budget sees $69.2 trillion worth of spending over the next decade, which is $8 trillion more than $61.2 trillion in spending CBO was projecting in February, just a few weeks after he took office.

When the U.S. emerged from the crisis of World War II, Social Security was in its infancy, and Medicare and Medicaid did not even exist yet. Politicians in both parties made a concerted effort to pay down the war debt. Yet for the past several decades, both parties have steadily driven up the debt while ignoring our long-term challenges, and as we emerge from this crisis, Biden is throwing all caution to the wind.

Advertisement

There are some who embrace a new school of economics which holds that high levels of debt don’t matter. We’re now entering an era without precedent in American history that will put that premise to the test.

Recommended


Calm Down, Everyone: The ‘UFOs’ Aren’t Aliens

The videos disclosed so far all have obvious potential terrestrial explanations.


Is Coke Rethinking Woke?

Why the soft-drink giant is pulling back from its left-wing posturing.


COVID-19 Rewired Our Brains

It’s time for a mass deprogramming.


The Mask Is an Outward Sign of Inward Things

This isn’t a medical question anymore; it’s a question of cultural allegiance.


Rebekah Jones, the COVID Whistleblower Who Wasn’t

The former dashboard manager alleges a vast data conspiracy in Florida; not a word of it is true.


The Democrats Have a Kamala Harris Problem

It seems indisputable that the Democratic Party has a real interest in Harris being more popular than she is.

The Latest


Ohio Republicans Introduce Bill to Ban Critical Race Theory in Schools

The bill would also prohibit teachers from rewarding students for political activism with academic credit.


Fauci Argued Benefits of Gain-of-Function Research Outweighed Pandemic Risk in 2012 Paper

Fauci argued a pandemic was more likely to occur naturally than through gain-of-function research.


Yale University’s War against Alumni and Accountability

Yale’s governing body has resorted to procedural tactics to keep alumni from joining that wouldn’t be out of place in a dictatorship.


CDC Eases Summer-Camp Mask Guidance

Campers who have been vaccinated will not be required to wear masks.


Rutgers Chancellor Apologizes for Condemning Anti-Semitic Attacks

Administrators said their initial message ‘fell short’ of their intention to be a ‘place where all identities can feel validated and supported.’


Republican Senators Block Bill to Form Capitol Riot Commission

Just six Republicans voted to advance the bill.

Top Stories

Get our conservative analysis delivered right to you. No charge.


Most Popular


The Fall of Saint Anthony Fauci


The Fall of Saint Anthony Fauci

On the unforced errors of America’s most political doctor.


The Madness of the Maricopa County Election Audit


The Madness of the Maricopa County Election Audit

The election results in Arizona’s largest county have been certified and authenticated multiple times. This audit effort has been pure folly.


What Has Happened to Nikki Fried?


What Has Happened to Nikki Fried?

Peddling in every available strand of nonsense and conspiracy theory is not helping the Florida Democrat’s brand.


View More

Read More Feedzy

The Foxhole App - Trusted News Podcasts

Leave a Reply

Your email address will not be published. Required fields are marked *