Biden Proposing $6 TRILLION Budget That Could Bankrupt US
May 27, 2021 15:46:47 GMT -5
Post by shalom on May 27, 2021 15:46:47 GMT -5
Actually, we're already bankrupt...
BREAKING: Biden Proposing $6 TRILLION Budget That Could Bankrupt America
about 7 hours ago480 Views
Because the federal government shut down our economy during the pandemic, the US spent over $6.5 trillion last year, and we ended up with a deficit of nearly half that amount, at over $3 trillion.
Now, Biden is proposing an astonishing $6 trillion budget for the coming fiscal year, with expenditure increasing every year for the next decade:
THE HILL – President Biden is set to propose a budget totaling $6 trillion in the coming days, The New York Times reported early Thursday, about a third higher than pre-pandemic spending levels.
The proposal would contain major investments in infrastructure, education and health care, according to the Times, and bring federal spending levels to their highest sustained since World War II.
Under the plan, documents for which were obtained by the Times, the federal government would spend $6 trillion in the 2022 fiscal year, and spending would increase to $8.2 trillion by the year 2031.
The plan demonstrates that Biden shows little interest in taming the deficit, which would remain above $1 trillion through the next decade, despite an expected economic recovery. The deficit only exceeded that level in the four-year period following the Great Recession, and again after the COVID-19 pandemic slammed the economy.
Rather than find a path to a sustainable debt, the plan would increase the country’s debt burden to 117 percent of GDP by the end of the decade, exceeding its World War II record in 2024.
Writ large, the budget proposal, which the White House is expected to formally lay out on Friday, is an unabashed call for a bigger role for government in the U.S. economy, bringing spending to a quarter of the nation’s annual output, larger than any level before the pandemic.
It assumes the passage of Biden’s American Jobs Plan and Americans Families Plan, which call for robust investments to rebuild aging infrastructure, bolster climate-friendly technologies like electric vehicles, and dramatically expand the social safety net.
Full article at link
BREAKING: Biden Proposing $6 TRILLION Budget That Could Bankrupt America
about 7 hours ago480 Views
Because the federal government shut down our economy during the pandemic, the US spent over $6.5 trillion last year, and we ended up with a deficit of nearly half that amount, at over $3 trillion.
Now, Biden is proposing an astonishing $6 trillion budget for the coming fiscal year, with expenditure increasing every year for the next decade:
THE HILL – President Biden is set to propose a budget totaling $6 trillion in the coming days, The New York Times reported early Thursday, about a third higher than pre-pandemic spending levels.
The proposal would contain major investments in infrastructure, education and health care, according to the Times, and bring federal spending levels to their highest sustained since World War II.
Under the plan, documents for which were obtained by the Times, the federal government would spend $6 trillion in the 2022 fiscal year, and spending would increase to $8.2 trillion by the year 2031.
The plan demonstrates that Biden shows little interest in taming the deficit, which would remain above $1 trillion through the next decade, despite an expected economic recovery. The deficit only exceeded that level in the four-year period following the Great Recession, and again after the COVID-19 pandemic slammed the economy.
Rather than find a path to a sustainable debt, the plan would increase the country’s debt burden to 117 percent of GDP by the end of the decade, exceeding its World War II record in 2024.
Writ large, the budget proposal, which the White House is expected to formally lay out on Friday, is an unabashed call for a bigger role for government in the U.S. economy, bringing spending to a quarter of the nation’s annual output, larger than any level before the pandemic.
It assumes the passage of Biden’s American Jobs Plan and Americans Families Plan, which call for robust investments to rebuild aging infrastructure, bolster climate-friendly technologies like electric vehicles, and dramatically expand the social safety net.
Full article at link