The Biden spending spree

 American Action News:

President Biden’s administration has come under scrutiny for its record-breaking spending habits, which have surpassed those of any other U.S. president in history. Despite his claims of being a responsible steward of taxpayer dollars, his policies have resulted in almost $900 billion in additional debt in just two years. Examples of Biden’s excessive spending include the “Build Back Better Plan” and the nearly $80 billion aid package to Ukraine.

The administration’s record of spending has raised concerns about the long-term impact on the economy and the national debt. In addition, Biden’s decision to spend $400,000 to shoot down supposed “UFOs” with a $400 Sidewinder missile has also drawn criticism.

Despite campaigning as a moderate deal-maker, Biden has now won over progressives with his readiness to spend money at the slightest provocation. Democrats typically believe that spending money cannot be excessive, as they often foot the bill (using taxpayers’ money, of course) for any absurd spending initiative.

The “American Jobs Plan,” one part of the “Build Back Better Plan,” was labeled as an “infrastructure bill.” However, this $2 trillion proposal spends less than half of the amount on infrastructure, with only 6% allocated to roads and bridges. The plan was heavily influenced by climate change objectives, as it sought to allocate more money to electric cars than to all of America’s roads and bridges combined. Other expenses included $400 billion for home-based care for the elderly and disabled, $35 billion for climate change-related research and development, $50 billion for “research infrastructure” at the National Science Foundation, $50 billion for a new Commerce Department office “dedicated to monitoring domestic industrial capacity,” and $213 billion for home sustainability and public housing.

Biden’s plan differs from the Green New Deal in several respects, particularly regarding the social concerns raised in Ocasio-Cortez and Markey’s proposal. While the Green New Deal advocates for universal employment and healthcare, these are not included in Biden’s plan. However, although Biden is not trying to sneak in far-left economic policies, he does support many of the same climate change policies as the Green New Deal. Like the Green New Deal, Biden’s goal is to achieve net-zero emissions of greenhouse gases by 2050, which involves significant spending but may not produce significant results.

Had Biden’s student loan forgiveness initiative been implemented, with forgiveness limited to under $10,000, it would have cost roughly $400 billion. However, under Biden’s administration, federal spending over the next decade is set to exceed $4 trillion, with almost $5 trillion added to the debt over the next decade, surpassing the amount spent to fight World War II.

The White House has justified this borrowing blowout by stating they inherited an economy in free fall, but the economy surged by over 20% in the second half of 2020 before Trump left office. Tax revenues have also hit all-time highs, but they haven’t kept pace with the fire hose of spending. Adding insult to injury, runaway inflation under Biden has forced the Federal Reserve Board to raise interest rates on the federal debt, which has already added another trillion dollars to the debt just to pay the interest on the debt already accrued by Biden.
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Spending is just one of the irresponsible actions of the Biden administration, but it is one that could hamper the US economy for generations to come.