Few people realized the Treasury Department dropped a financial bomb amid all of the chaos and tragic deaths that are occurring in the world today.
Multi-Trillion-Dollar Deficits Are the New Normal
The Treasury spent $879 billion in fiscal year 2023 only to pay the national debt, resulting in a $1.7 trillion deficit—a 23 percent increase in a single year. However, “Bidenomics” indicates that multi-trillion dollar deficits are the new normal and that the worst is still to come.
$457 Billion Drop In Receipts
The federal government’s expenditure, which topped the scales at $6.1 trillion last year, is the driving force behind these enormous deficits. In contrast, government receipts came in at $4.4 trillion, dreadfully short of the $5 trillion that had been projected. Counterproductive tax rises and a sluggish economy were the main causes of the $457 billion decline in collections from the previous fiscal year.
Treasury Outlays up 38% Compared to Pre-covid Era
But even with these lower receipts, a balanced budget would have been the outcome if President Biden had just let expenditure go back to what it was before the pandemic. As opposed to this, Treasury outlays have increased by 38% since the start of the pandemic.
The Deceptive Announcement Treasury Made
In light of this, the Treasury’s recent claim that the deficit has decreased by $1 trillion since Biden became office is incredibly misleading. Increased expenditure in 2020 ought to have been one-time emergency measures, but by just substituting the Biden agenda with pandemic-era outlays, the Biden administration entrenched $6 trillion budgets.
Biden Admin Hellbent on Achieving Unconstitutional Student Loan Bailout
Even worse, the previous fiscal year’s $1.7 trillion deficit really amounted to a $2 trillion deficit. Only $300 billion was technically taken out of it when the Supreme Court struck down Biden’s student loan giveaway plan. The Biden administration is determined to carry out its illegal student loan rescue, therefore the Treasury has simply moved that money to be used in fiscal year 2024.
Unfunded Spending Merely Moved From One Ledger Column to Another
The unpaid spending has simply been transferred across ledger columns. Tens of billions of that $300 billion have already been set aside for targeted student loan bailouts; the remaining amount will support a larger bailout starting next summer that is dubbed the SAVE repayment plan, which is an attempt to circumvent the Supreme Court’s decision to overrule the Biden administration.
America Deluged in More Than $33.5 Trillion Debt
However, it’s frightening to even look at the official spending for the most recent fiscal year. As a result, the government debt has reached a historic amount of about $33.5 trillion. With the Treasury borrowing $500 billion in only the first three weeks of the new fiscal year, which started on October 1, the fast pace of borrowing is accelerating practically daily.
Interest Payments Surpasses Military Spending by $103 Billion
The cost of servicing the national debt has skyrocketed, surpassing every line item in the Treasury report except for the Social Security Administration and the Department of Health and Human Services, as interest rates and the national debt continue to increase. Interest payments even outpaced military spending by $103 billion in the Department of Defense’s bloated budget.
America Verging on Never Being Able to Pay Its Debt
The Biden administration is doubling down, pledging greater government spending and multi-trillion dollar deficits indefinitely, despite the fact that this is a plainly unsustainable course. The financial markets are starting to realize that the Treasury will ultimately run out of money, and that time might be very soon.
Treasury’s Investors Demanding Higher Yields
As a result, when investors lend money to the Treasury, they want greater rates, which drives up the cost of debt servicing. Gross interest expenses are skyrocketing as new debt is issued at increasing interest rates due to large deficits that are continuing to increase the debt.
Debt Only Seems to Mount With Continuously Soaring Interest Rates
The cherry on top is that when debt matures, the Treasury doesn’t really pay it off. It just creates new debt and adds interest to pay off the old. Within the next year, trillions of dollars in low-interest current debt will roll over at rates two to three times higher.
Debt Will Cost Over $1 Trillion Just in Interest to Taxpayers
All of this adds up to a debt death spiral that will cost the Treasury, and by extension the public, more than $1 trillion in interest alone in the current fiscal year. This won’t even come close to reducing the debt.
Treasury Still Persistent: “Bidenomics Is Building the Economy From the Middle Out and Bottom Up”
Still, the Treasury recently touted what ought to have been a horrifying yearly report as evidence that “Bidenomics” is delivering results, “building the economy from the middle out and bottom up.” Have they failed to realize that the bottom has fallen out and the middle has imploded?
Typical American Family Effectively Loses $7,300 in Annual Income Since Biden in Office
The current state of the economy is unpopular with two thirds of Americans. The average American family’s yearly income has essentially decreased by $7,300 since Biden became office. For a property with a median price, the monthly mortgage payment has increased by over 100%. This winter, the cost of heating your house will increase by 25%. Record-high rents are the norm. Credit card debt in the United States is above $1 trillion.
Democrats Urging the President to Refocus From ‘Bidenomics’
His primary platform for reelection is his emphasis on “Bidenomics,” or post-pandemic policies centered on aid and immunization campaigns. Nonetheless, given the rising costs of housing, food, and energy, several Democrats have criticized this narrow focus and urged the president to broaden his campaign platform. Rather, they advise him to concentrate on the “danger” that Trump poses.
Poll Reveals Bidenomics Is Actually Working In Trump’s Favour
According to campaign executives, the campaign has spent close to $91 million, more than “any Democratic candidate in history at this point in the cycle.” According to a Morning Consult and Bloomberg survey, Bidenomics is really benefiting Donald Trump and hurting the President. According to a survey that included more than 5,000 voters from Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, and Wisconsin, 49% of respondents said they trusted Trump “much more” than Biden.
“President Needs to Reevaluate the Approach”: First Lady’s Former Press Secretary
Merely 35% of voters claimed to have greater faith in Biden. “If Biden isn’t getting credit for how he’s improved the economy by now, then he won’t get such credit anytime soon. I say this as a Democrat who supports President Biden and was the press secretary for his wife, Jill Biden, the president needs to reevaluate the approach to how and what he is communicating to the American people,” Michael LaRosa, the first lady’s former press secretary, stated.
“We Are Paying the Price for Having the Dumbest President in History”
While some criticized Biden’s policy, “We are paying the price for having the dumbest president in history”, others were quick to come to his defence. “Hopefully the MAGAts are smart enough to know that these huge deficits were caused by the policies of prior presidents not the one currently in office. Trump’s huge tax cuts for himself and the other ultra-rich continues to cause the deficit to grow. Have to know the real reason before you can fix the problem,” remarked one.
“Someone Else Is Running the Country for Him”: President Biden Accidently Reads Out Teleprompter Instructions During Speech
“Reverse Racism Doesn’t Exist, Idiot”: Biden’s Praise for Kamala Harris Raises Eyebrows
President Biden has claimed that Vice President Kamala Harris is fighting for freedom and that the Biden administration has rebuilt the economy. Understandably, his comments have left some people confused.
“Reverse Racism Doesn’t Exist, Idiot”: Biden’s Praise for Kamala Harris Raises Eyebrows
“I’d Like to See Him Pass a Polygraph”: Trump Fails at Basic Math and Rambles About Passing Meaningless Competency Test
According to NBC, Donald Trump has given a lengthy response to a question regarding age concerns. The former president and Republican presidential nominee candidate, who often says Biden is too old for his job at age 80, is 77.
“Seems Like Pure Racism”: House Approves Marjorie Taylor Greene’s Amendment to Cut the Secretary of Defense’s Pay to $1
The House has approved Marjorie Taylor Greene’s amendment to cut Secretary of Defense Lloyd Austin’s salary to $1.
“In the Far Future, White People Won’t Exist”: Biden Says White People Will Soon Be a Minority in America
President Joe Biden has boldly claimed that the United States will soon become “a minority-White European country.”