With all the billions Biden is shoveling into Ukraine, one would think that he would be dedicating a significant percentage of his next spending plan to defense spending.
Especially considering how high the price is for his proposed spending package.
Biden’s recently proposed $73 trillion package is perhaps packed with more pork than any proposal in modern American history (aside from the asinine, ongoing debate regarding “reparations” in San Francisco).
Needless to say, that spending plan garnered a press release from Representative Jodey Arrington, who serves as the chair of the Budget Committee in Congress, which pointed out all the ways in which the current Bidenomics (or Obamanomics) fail to bring the nation anywhere near fiscal health.
“When President Biden was asked what he we would do differently in the next two years, he responded emphatically, ‘nothing.’ It’s safe to say the President’s budget will advance his radical agenda with record-breaking deficit spending, tax-hikes, and increases in the national debt,” Arrington’s press release began.
Even scarier, amongst all those trillions (with the billions given overseas in mind), Biden apparently decided to reduce the total percentage of monies dedicated towards the military.
Specifically, the plan entails a “proposed a 12 percent increase for non-defense discretionary spending,” whatever that means.
Probably more transgender militancy or other “equity” programs, not to mention continuous student debt bailouts for legions of younger, Marxist-obsessed Americans.
Which comes at the expense of security for all.
“Defense spending would fall to the lowest level as a percent of GDP since before World War II,” the press release continued.
So, as the nation is on the cusp of World War III, at least relative to the past administration, Biden decides it’s a great idea to cut military spending.
Clearly, political elites have long since checked out from reality, and Democrats are amongst the most egregious when it comes to checking out of economic realities.
They continue to be completely obsessed with the false belief regarding the government spending itself to prosperity, a rather hollow argument considering such an approach rarely works at the individual level.
Why would it work at the (utterly incompetent) government level?
Saving, investing, and creating are not exactly the top priorities of the Democrat Party, as made especially evident by Biden’s laughable “plan” for the economy.
The press release also noted the following troubling developments that will undoubtedly ensue from spending $73T over the next ten years, including national debt equaling $330,000 per American household in the next decade.
“Under the President’s FY 2023 budget, the debt would grow be allowed to grow by $16 trillion over ten years, or $50,000 of debt per American citizen … By 2032, the total federal debt would be $135,000 per American citizen, or $330,000 per household,” the press release noted.
$330,000 debt per household. Government debt, not even counting personal debt.
Real recipe for economic prosperity. Not.
Needless to say, the long-run implications are even more dire.
“Under CBO’s current projections, the gross federal debt would increase from $31 trillion today (123 percent of GDP) to $52 trillion (132 percent of GDP) in 2033. CBO’s most recent projections have the debt growing to $154 trillion by 2053. This is equivalent to more than $1 million per American household ($540,000 after adjusting for inflation) – which is more than four times current median household net worth,” the press release continued.
So, Biden’s plan is even more impractical in the long run than it is in the short run, much like his hideously mismanaged foreign policy, which is frequently accompanied with a massive dose of corruption.
However, more than one other person with a clue sees the writing on the wall, including savvy individuals who have successfully worked with presidents from both parties.
David M. Walker, who served as the comptroller general under former Presidents Bill Clinton and George W. Bush, noted that the current spending trajectory is utterly untenable in the long run, and he may well be in support of a constitutional convention himself.
“We have to close the gap between revenue and expenditures. We’ve got to stabilize the patient, stop the bleeding, and then cure the disease,” Walker urged.
The “disease” being completely out of control spending, not to mention sending endless blank checks to varied entities for war purposes.
These developments are even more problematic when considering that the nation is already falling into untenable debt, as neatly summarized by Fox News.
“The disease Walker is referring to is the national debt, which stands at $31.6 trillion. The federal deficit is $460.1 billion. Arrington’s resolution notes the national debt in 1979 was $860 billion and the value of the dollar has declined by about 75% since that time,” the outlet reported.
In conjunction with the reduction in defense spending, what a gift for enemies of the state.
Little wonder that Biden’s 2020 “campaign” was backed by a staggering level of dark money, to the extent that even the New York Times ran the following, troubling headline: “Democrats Decried Dark Money. Then They Won With It in 2020.”
Clearly, those dark money “donors” are certainly collecting on their investment now.
Author: Jane Jones