What’s another $1.7T in the omnibus when you’ve taken the national debt to $31.4T?
Congress concluded last week the annual shenanigans with funding the government. And while the body’s refusal to get the omnibus done before the 59th minute of the 11th hour is grounds for harsh criticism, its shirking and dodging is only a tiny part of the problem, which is how utterly irresponsible DC is with its checkbook.
The $1.7 trillion omnibus itself was loaded with laughable pieces of pork — self-named monuments for various legislators; a chauffeur for the IRS commissioner — but it’s just the latest in a long trend for DC’s free spending and ever-growing government bureaucracy.
Biden and his fellow Democrats have been horrific on this issue, especially in light of the trillions they’ve put on the nation’s credit card.
Indeed, Biden has presided so far over a jump in the national debt from around $28 trillion to $31.43 trillion, all as the hideous American Rescue Plan ($1.9 trillion), CHIPS Act ($280 billion) and infrastructure bill ($1.2 trillion) were rammed through. All these outlays, especially the ones financed with debt, have only fueled the worst inflation in decades.
The nation’s debt, of course, has been growing alarmingly even before Biden. Under his old boss, Barack Obama, it jumped 77%, and under President Donald Trump 28%, largely due to massive COVID-related outlays. It’ll surely skyrocket even further if Biden and his drunken-sailor comrades get their way.
The last time the US debt-to-GDP ratio was under 100% was 2011. The deficit is also growing by leaps and bounds: It was $1.4 trillion at the end of fiscal 2022, the fourth highest on record.
What this means, barring a return to fiscal sanity coupled with a decent stretch of solid economic growth, is massive tax hikes for future generations or colossal service cuts at the most basic level of government. Somebody has to pay for all this.
Biden and the handout caucuses in Congress are more than happy to mortgage the future. With Republicans now controlling the House, at least, maybe they can rein in some of the spending madness.
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