Political elites have long since checked out from reality, and Democrats are amongst the most egregious when it comes to checking out of economic realities.
They are completely obsessed with the false belief regarding the government spending itself to prosperity, a rather hollow argument considering such an approach rarely works at the individual level.
Why would it work at the (incompetent) government level?
Saving, investing, and creating are not exactly the top priorities of the Dems, as made especially evident by Biden’s laughable “10-year” plan for the economy:
Spending $73 trillion dollars.
Needless to say, that particular plan garnered a press release from Representative Jodey Arrington, who serves as the Chair of the Budget Committee in Congress.
The press release noted the following troubling developments that will undoubtedly ensue from spending $73T over the next ten years …
“Under the President’s FY 2023 budget, the debt would grow be allowed to grow by $16 trillion over ten years, or $50,000 of debt per American citizen … By 2032, the total federal debt would be $135,000 per American citizen, or $330,000 per household,” the press release noted.
$330,000 debt per household. Government debt, not even counting personal debt.
Real recipe for economic prosperity. Not.
Needless to say, the long-run implications are even more dire.
“Under CBO’s current projections, the gross federal debt would increase from $31 trillion today (123 percent of GDP) to $52 trillion (132 percent of GDP) in 2033. CBO’s most recent projections have the debt growing to $154 trillion by 2053. This is equivalent to more than $1 million per American household ($540,000 after adjusting for inflation) – which is more than four times current median household net worth,” the press release continued.
So, Biden’s plan is even more impractical in the long run than it is in the short run, much like his hideously mismanaged foreign policy, which is frequently accompanied with a massive dose of corruption.
However, more than one other person with a clue sees the writing on the wall, including savvy individuals who have successfully worked with presidents from both parties.
David M. Walker, who served as the comptroller general under former Presidents Bill Clinton and George W. Bush, noted that the current spending trajectory is utterly untenable in the long run, and he may well be in support of a constitutional convention himself.
“We have to close the gap between revenue and expenditures. We’ve got to stabilize the patient, stop the bleeding, and then cure the disease,” Walker urged.
The “disease” being completely out of control spending, not to mention sending endless blank checks to varied entities for war purposes.
These developments are even more problematic when considering that the nation is already falling into untenable debt, as neatly summarized by Fox News.
“The disease Walker is referring to is the national debt, which stands at $31.6 trillion. The federal deficit is $460.1 billion. Arrington’s resolution notes the national debt in 1979 was $860 billion and the value of the dollar has declined by about 75% since that time,” the outlet reported.
What a gift for enemies of the state. Perhaps that is one of the (many) reasons Biden really “won” in 2020.
Author: Jane Jones