Correction, Please!
The Consequences of Deficits, Debt Are Not Pretty
Building back better? Like so many liberals before him, President Biden claims that he can revive the U.S. economy with massive government spending. This is not sustainable long-term. (Photo credit: AP Images)
Item: President Joe Biden’s budget, reported the Washington Post for May 28, “is a clear statement that many Democrats no longer worry about deficits.” The Biden administration, continued the left-wing paper, “predicts a $1.8 trillion deficit in fiscal year 2022 and roughly $1.3 trillion each year after that for the next decade. It’s a departure from the thinking of President Barack Obama’s administration, which made an effort to bring down the deficit significantly in his second term as the economy improved. Under Biden’s plan, much of the deficit reduction would come after he leaves office.
“According to the White House, this additional spending will produce the economic equivalent of happily-ever-after. The nation will enjoy faster growth, full employment and modest inflation that never rises above 2.3 percent, a magic number that would not require the Federal Reserve to take any heavy-handed action. In short, there would be no negative side effects.”
Is the Biden White House worried about the national debt? Apparently not. Nor do larger interest payments seem to bother the administration.
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