The wasteful policy that is traditional when the Democratic Party heads the government has been exacerbated beyond any reasonable limits in the first months of the current Administration, regardless of the tragic consequences of the economic collapse that will be inevitable sometime this decade if the accelerated public debt growth is not stopped in time before it becomes unpayable and causes the country's bankruptcy. According to the Manhattan Institute, the national debt will reach $41 trillion before 2030; while projections from Statista reach $40 trillion by 2031. So far, the national debt amount to nearly 70,000 US dollars per person in the United States."
Biden releases $6T budget that foresees decade of trillion-dollar deficits
Washington DC, May 28.– President Biden on Friday proposed a budget that would entrench deficits in excess of $1 trillion for the next decade, pushing the nation’s debt burden to record highs.
The blueprint released by the White House ties together three major spending proposals already announced by Biden: the $2.3 trillion American Jobs Plan, the $1.8 trillion American Families Plan and $1.5 trillion in discretionary spending for fiscal 2022.
Combined with mandatory spending programs, the 2022 budget would spend $6 trillion, about $300 billion more than current projections for the year, with much of the spending going toward education, health, science research and infrastructure.
“The country had been weakened by decades of underinvestment in these areas, squeezed by budget caps,” acting Office of Management and Budget Director Shalanda Young said Friday. Nondefense spending would increase by 16 percent in 2022, with defense budgets expanding by 1.7 percent. In 2022 alone, Biden's budget projects a $1.8 trillion deficit ...
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