The man who unleashed the worst inflation in history and who has caused budget deficits to soar to impossible levels again claims he can spend $39 billion of taxpayer money without any actual law authorizing it.
Is the nation just floating on piles of cash that we’re desperate to give away, rather than pay the storage costs for? Apparently not! The government is borrowing five billion per day.
Feds borrowing over $5 billion per day as programs face insolvencyThe U.S. Congressional Budget Office released a report earlier this year projecting the national debt will be nearly twice as large as the U.S. economy in 30 years.
Budget groups continue to release dire forecasts for the explosive growth of the U.S. national debt.
The U.S. Treasury reported a $1.4 trillion deficit so far nine months into fiscal year 2023.
“Three-quarters into the fiscal year and we’re borrowing an astounding $5.1 billion per day,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. “If that isn’t a sign that we need a wake-up call, maybe it should be the fact that the deficit for this fiscal year is now larger than all of last year’s deficit — and there’s still three months to go.
The U.S. Congressional Budget Office released a report earlier this year projecting the national debt will be nearly twice as large as the U.S. economy in 30 years.
Just weeks removed from a Supreme Court ruling that declared its student loan forgiveness program unconstitutional, the Biden administration on Friday announced new relief for students that will cancel $39 billion in debt for more than 804,000 past students.”For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness,” Education Secretary Miguel Cardona said in a statement. “By fixing past administrative failures, we are ensuring everyone gets the forgiveness they deserve.”
Cardona said the new program is justified by adjusting payment schedules in student loan programs to recognize some qualifying payments “should have moved borrowers closer to forgiveness were not accounted for.”
They’re just going to keep pushing slight variations of previous initiatives, claiming each time that the Supreme Court didn’t invalidate this particular attempt to spend without Congressional authorization.
If you can believe it, citizen trust in democracyis plummeting.
Only about 1 in 10 U.S. adults give high ratings to the way democracy is working in the United States or how well it represents the interests of most Americans, according to a new poll from The Associated Press-NORC Center for Public Affairs Research.Majorities of adults say U.S. laws and policies do a poor job of representing what most Americans want on issues ranging from the economy and government spending to gun policy, immigration and abortion. The poll shows 53% say Congress is doing a bad job of upholding democratic values, compared with just 16% who say it’s doing a good job.
The findings illustrate widespread political alienation as a polarized country limps out of the pandemic and into a recovery haunted by inflation and fears of a recession.
Meanwhile, Republicans look to cut one billion from the budget of the Democrat Stasi group the FBI, and also press other reforms.