UPDATED 8:23 AM PT – Friday, March 5, 2021
The U.S. national debt is spiraling out of control as Joe Biden continues to back a flurry of costly spending measures.
According to the Congressional Budget Office on Thursday, America’s national debt could exceed 202 percent of GDP by the year 2051. That marks a two-fold increase from current levels and still doesn’t take into account the $1.9 trillion coronavirus relief package.
The agency also found the U.S. economy will grow just 1.8 percent per year compared to the average 2.5 percent in pre-pandemic annual growth under President Trump. The CBO noted that even without Biden’s latest stimulus proposals, America’s budget deficit would exceed 10 percent of GDP this year alone.
I just objected to skipping past the reading of the Democrats’ 628-page bill that was just introduced minutes ago.
If they’re going to add nearly $2T to the national debt at least we should know what’s in the bill.
— Senator Ron Johnson (@SenRonJohnson) March 4, 2021
“America’s in crisis…Congress spends with reckless abandon and rarely considers how today’s foolishness will impact our children and grandchildren,” stated Sen. Rick Scott (R-Fla.) “The Senate has no idea how states are spending their allocated funds…further spending without more information.”
Economists have said Biden’s policies are making U.S. economy less sustainable and self-reliant in the long-term.