For the first time in history, the federal deficit is MORE than a TRILLION dollars in the first five months of the fiscal year.
In some ways, you’ve got to give the Biden Administration and the Dems – they’re executing on exactly what they want. At present, we have: record tax receipts, record spending, and record deficits.
Aptly named the “trifecta” by CNS News, in less than two months President Biden has scored the biggest stimulus package in history at a time when arguably, our economy (thankfully) doesn’t need it quite as much.
Nonetheless, who’s going to turn down free money? Biden and his allies have made sure that most everyone stands to gain. Who would not want $1400 bucks?! Meanwhile, what state lawmaker is going to turn their nose up at billions? This is a win…win…WIN… except, of course, for those that will be stuck paying the bills for years to come.
Biden will be long gone from office when the results of too much stimulus take hold…and Jerome Powell will have left his Federal Reserve post behind.
So, who will be left picking up the piece? The rest of us.
We cannot spend indefinitely.
While I hope this is the end of the stimulus for the foreseeable future because I’d like to see a return to fiscal restraint and responsibility – I am also a realist. Biden has told us this is just “the downpayment.”
At some point, someone will need to take responsibility for our indebtedness. Unfortunately, that someone is unlikely to be Joe Biden.