The Washington Post reports that the US federal debt now exceeds the economy and that’s before the $1.9 trillion stimulus is approved. Democrats haven’t spent the already approved stimulus, and they are planning another after the $1.9 trillion is finalized.
Wall Street wants more stimulus, and Democrats are the party of Wall Street.
Then there’s climate change, Obamacare, reparations, infrastructure, and more. It shouldn’t take long before our taxes rise exponentially and the dollar crashes. We’re on the path.
At the same time, we have Biden eliminating oil and gas jobs during a pandemic, and raising the minimum wage which will put more small businesses out of business.
The tyrannical shutdowns are killing small businesses and boosting the profits of large corporations. Small businesses are the backbone of the middle class and capitalism. One must wonder if Biden intends to destroy both.
In 2021, America’s federal debt will reach about 102 percent of its Gross Domestic Product, a slight increase from the year before.
The CBO’s debt projections are sure to invigorate the ongoing debate over Biden’s stimulus proposal, as Republicans try to argue that the U.S. faces unsustainable debt burdens after spending more than $4 trillion in response to the virus.
The projections also come one day after Federal Reserve Chair Jerome Powell warned of severely high unemployment and downplayed the imminent danger of inflation, projections Democrats cheered as boosting their case for more emergency relief.