Joe Biden is reaching new lows in his presidency each day.
His handling of the economy has been noticeably terrible.
And now, Biden’s economy is making one national crisis significantly worse.
The United States just crossed an ignominious threshold.
America’s national debt now exceeds $30 trillion.
Barack Obama doubled the national debt to $20 trillion in eight short years, and government spending has not slowed down since.
The problem has accelerated under Joe Biden, who unnecessarily paid workers to stay home, and both he and the Democrats want to push spending even further.
They’re desperate to push Biden’s multi-trillion-dollar Build Back Better agenda, which would add ungodly amounts of entitlement spending.
Nebraska Senator Ben Sasse called out the irresponsible spending, explaining:
“$30 trillion in debt is an obscene number, but what’s even more depressing is the fact that most politicians in both parties don’t really care…Someone is going to have to pay that money when these politicians are long gone, and — spoiler alert — it won’t be paid by them but instead by our kids…Ignoring the debt won’t solve the crisis, it will only make things worse…We need to cut the budget-busting spending sprees and do real entitlement reform.”
Unfortunately, the establishments of both parties are not interested in reining in government spending.
For all his faults, Paul Ryan tried to touch the third rail of entitlement reform, and he was quickly denounced by the Democrats as a grandma killer.
The Democrats claim that new entitlements in BBB are temporary, but as late economist Milton Friedman once said, “Nothing is so permanent as a temporary government program.”
Democrats know if they can cram through an entitlement, it will last forever.
Social security was originally a temporary program that taxed employers and employees at 1% each.
Now, social security taxes employers and employees at 6.2%, and the program is insolvent.
Democrats have adopted the inane principle of Modern Monetary Theory (MMT), which essentially states that debt doesn’t matter because countries will continue to buy American debt.
But if the currency is devalued enough, the bill will eventually come due.
Worse yet, government spending leads to inflation, which is a hidden regressive tax on the middle class and the poor.
The only way the government can pay for the spending is through tax revenue, or increasing the money supply and selling debt.
Increasing, the money supply leads to price inflation, which has reached a 40-year high.
People who champion massive government spending programs don’t realize that the government is taking the money out of their own pocket; it’s not just “the rich” paying their “fair share.”
