Mark Levin’s summary of our disastrous economic future following the most recent spending deal spells doom based on reports from Biden’s own government agencies. The media is run by five companies that do not answer to the people, and they aren’t reporting just how bad it is. It’s quite clear Democrats plan to bankrupt us, and some of our Republicans are liberals.
The entire system needs to be restructured because no one is getting us off the path of economic collapse, and it’s frightening.
You don’t have to like Mark Levin to listen to his summary of the CBO, Treasury, OMB, and GAO reports of doom below.
The Government Accountability Office document reviewed the nation’s fiscal health in May 2023. Their report was issued to every leader in Congress by the executive branch.
The federal government faces an unsustainable long-term fiscal future. The Office of Management and Budget (OMB), the Department of Treasury, the Congressional Budget Office, and GAO all show that the balance of current revenue and program spending policies result in the debt growing faster than the economy.
This is unsustainable.
The fiscal year 2022 federal deficit was among the highest in American history. This occurred even though revenue growth has been strong and federal COVID-19 relief spending has declined in recent years. In addition, the cost of financing the debt increased from prior years because interest rates rose substantially in fiscal 2022.
Rising debt relative to economic growth could increase borrowing costs for the federal government and private borrowers and slow economic growth.
The Congressional Budget Office has stated that high and rising federal debt as a share of the economy increases the risk of a fiscal crisis. The underlying conditions driving the unsustainable fiscal outlook pose serious economic security, and social challenges that have not been addressed.
In other words, the economy could collapse.
For most of the nation’s history, the government debt held by the public as a share of GDP has increased during wartime and recessions but decreased during peacetime and economic expansions. Most recently, this pattern has changed.
Debt held by the public as a shared GDP grew during three of the four most recent economic expansions.
What they’re saying is we’re not at war; the economy expanded three out of the last four years; and we’re spending now like we’re at war like we’ve never done before in peacetime in American history.
“For example, debt held by the public as a share of GDP grew during the economic expansion from June 2009 to February 2020. It did not grow during the economic expansion from March 1991 to March 2001 of the prior decade.
“This is pretty shocking stuff from the bureaucracy. Independent analysis by OMB, Treasury, CBO, and GAO all emphasize that current fiscal policy is unsustainable over the long-term projections. [They] show that debt held by the public would reach its historic high of 106% of GDP by 2029 and continue to grow.
The simulation shows “debt held by the public growing to more than 219% of GDP twice the size of the economy by 2051.” We are destroying the USA for our children and grandchildren.
The budget funds every bit of the extreme climate change agenda.