The U.S. government’s budget deficit through February hit an all-time high of $1.05 trillion for the first five months of this budget year, as spending to deal with the coronavirus pandemic surged at a pace far above an increase in tax revenue. Biden just signed the new, so-called “COVID relief bill” into law which will dump another $1.9 trillion into the economy.
Will the Biden administration finally kill the dollar?
The Treasury Department reported Wednesday that the October through February deficit was 68% larger than the $624.5 billion deficit recorded during the same period last year. It easily surpassed the previous five-month deficit of $652 billion set in 2010 when the government was spending to try to lift the country out of the deep recession caused by the 2008 financial crisis.
The Congressional Budget Office is estimating that the total 2021 deficit will be $2.3 trillion. Now, you might think to yourself, sure. When you pass a $1.9 trillion COVID relief bill, you’re going to get a big deficit.
But wait. That $1.9 trillion spending blowout, which Biden plans to sign into law on Friday, is not yet factored in. The $2.3 trillion estimate from CBO is only based on existing spending trends. That means that, once you add the $1.9 trillion, we’ll be headed for a fiscal year 2021 federal deficit of more than $4.1 trillion. That’s on top of last year’s deficit of $3.1 trillion.
Congratulations, America. You’ve elected men and women who have added $7.2 trillion to the national debt in a span of two years, and you’ve been applauding them the whole way through because they’re sending you checks of $600 here and $1,200 there.
You're getting (maybe) a $1400 stimmy.
The $1.9T Biden bill costs every taxpayer $17,000.
It's a scam. pic.twitter.com/P6saLsxEsL
— Brad Polumbo ??⚽️ ?️? (@brad_polumbo) March 10, 2021
Democrats are seeking to usher in Communism in America
But wait. There’s more. Biden wants to push through an infrastructure package that could cost as much as $4 trillion, and that’s on top of the COVID blowout. Don’t bet against it with Democrats in charge of both houses of Congress and eager to borrow and spend.
So let’s consider this scenario. The federal government actually collects about $3.5 trillion a year in tax receipts. So a government that operated without deficits would spend $3.5 trillion. The amount normally spent, without a pandemic going on, is around $4.2 trillion. Add to that the so-called emergency measures being passed or proposed this year, and Democrats would be giving us a government that takes in $3.5 trillion and spends nearly $10 trillion. In one year.
America’s entire gross domestic product is around $19 trillion. We are soon to have a national debt that tops $30 trillion. And while these measures are being enacted, the media are dutifully telling you about Harry and Meghan, and Joe Biden’s dogs, and Pepe LePew.
Benjamin Franklin, George Washington, John Adams, Thomas Jefferson and the gang deserve applause for founding a republic that made it from the late 18 century until, in all likelihood, the midpoint of the 21st. We had quite a run.
