The Marxist-Communist Democrats presently running America are finally doing it! They’ve set the greatest nation in the world on the path to all-out financial ruin with their quest for massive social and welfare spending, pork barreling, and an overinflated federal government.
And as true, albeit covert Commies, they couldn’t care less that the nation spending more than it is making has become the norm and the rule in American politics, which they have dominated for 11 of the past 15 years (except for President Donald Trump’s term from 2017-2021).
Congratulations! New Debt Figures You Couldn’t Even Imagine
The road to the ruin of the once great American economy is paved with more and more debt and bigger and bigger budget deficits in the next 10 years when the nation is set to amass $19 trillion in new debt if it stays the present course.
That is according to the latest estimate released by the Congressional Budget Office (CBO), the nonpartisan budget watchdog at the legislative branch of the US government.
The mind-blowing new debt figure is announced at yet another decisive moment for the American nation: the US government just hit its highest-ever debt ceiling of $31.4 trillion, and legislation has to be passed for America to be able to borrow more and more, and more… Which the Commie progressivist Democrats led by the seemingly clueless man in the White House are just itching to do.
The new prognosis about America’s debt is so staggering that even the leftist propaganda machine that is The New York Times dedicated to it a moderately alarmist article also quoted by Dnyuz.
What is particularly striking in the latest CBO estimate is that it forecasts the US national debt to be $3 trillion bigger in the next 10 years than it had previously predicted.
Present Course Is Not Looking Good over Next Decade
According to the CBO, the additional increase would be caused by the growing cost of interest payments, retiree pensions, health care for veterans, and defense spending.
The financial scorekeeper of the US Congress forecasts a $1.4 trillion federal budget deficit in 2023, which would grow to about $2 trillion annually in the few years. It makes it clear that would have to do with increasing Social Security and Medicare spending.
Thus, the report notes that in 2024, America’s total national debt will equal the nation’s GDP, and by 2033, it will already amount to 118% of the yearly output of the American economy.
At the same time, the CBO projects tiny economic growth in 2023 after inflation adjustment, with official unemployment going above 5%, because of the Fed’s “campaign to tame inflation.”
Of course, the NYT report on the CBO forecast shyly fails to mention that the sky-high inflation that the good people of the United States have endured in the past couple of years is known as Bidenflation.
That is because the elderly Democrat in the White House and his progressivist-dominated Congress allies splurged taxpayer money on COVID-19 relief and unemployment benefits, failed to guarantee the supply chains, killed off America’s domestic oil and gas production, encouraged millions of illegal immigrants to invade the nation in search for handouts, and emboldened the sick Moscow dictator to wage the biggest international war in decades.
Of Course, It’s the Republicans’ Fault… NOT!
While it takes notice of the highly concerning national debt forecast, The New York Times then naturally goes for blaming it all on the Republicans – never mind that they haven’t been in power for two years now.
The lefty paper’s report insists that the CBO prognosis might “supercharge a partisan debate” on raising the debt ceiling to new, mind-blowing heights.
Luckily, the GOP now has a majority in the House of Representatives, a development that may actually save America from the total financial ruin the Democrat totalitarians have in mind.
The House Republicans led by new Speaker Kavin McCarthy are demanding the left agree on a path to restore the soundness of the national finances. That was why Biden outrageously tried to lie in his State of the Union address that the Republicans wanted to destroy Medicare and Social Security. The very thought that they might be unable to squander taxpayer money at will is like a deadly disease to Marxists-Communists.
In another report, The New York Times expectedly attacks the Republicans for refusing to raise the debt ceiling unconditionally and hammers the GOP for demanding spending cuts that are “steep but unspecified.”
In yet another anti-Republican and pro-unlimited leftist spending article, the paper claims the GOP’s insistence on fiscal responsibility would trigger a financial crisis and a recession since that would prevent the US government from paying its bills on time.
Touting Occasional Spending Bipartisanship to Water Down Blame
The NYT notes the Congressional Budget Office’s forecast that the federal government would run out of money at some point between July and September unless the debt limit gets increased and the fact that GOP legislators “have blamed” the president and the Dems “for the rising deficits.”
It claimed, however, that the CBO report demonstrated the “jump in debt projections” was caused by “bipartisan legislation” as well as the Federal Reserve’s interest rate hikes. This allegation smacks of the standard Commie propaganda approach of painting others as “no better than us.”
The Times all too happily quoted the CBO’s release as saying that over half of the additional $1.5 trillion in debt in the next decade would come from the recently passed health benefits expansion for military vets supported by the majority of GOP lawmakers in the House and the Senate. An extra $550 billion would come from higher military spending, also supported by both parties.
The CBO is quoted as concluding that Biden’s so-called “Inflation Reduction Act,” also known as the climate, tax, and health care bill, passed by the Democrats only, would lead to “modest deficit reduction.”
That is arguable because the law provides for higher government spending and tax credits but slaps higher taxes “on corporations and high earners” – so the Democrat-run federal government would not only spend but also tax more. That hardly seems anything to be proud of.
The CBO release now estimates a spike in US government borrowing costs. While in May 2022, it predicted the nation would have to pay $8 trillion in interest on already accrued debt in the next decade, the figure is now revised to $10.4 trillion. Is it just the Republicans, or does that development hardly seems sustainable even for the biggest economy in the world?
The mainstream media love touting “bipartisanship” in spending, so it is only natural that Republicans would support better benefits for vets and more defense spending over the threats from China, Russia, Iran, North Korea, Islamist terrorism, you name it.
The fact of the matter remains that the Democrats are only paying lip service to tame government spending, borrowing, budget deficits, and the accrual and more and more debt. Increasingly radicalized by Marxist leftism, they are only seeking to spend more and more taxpayer dollars.
Luckily, the American people recently made sure the Republicans got the House, and the GOP is now keeping the lefties’ desire for unbridled spending in check.