{"id":5232,"date":"2023-09-25T13:14:08","date_gmt":"2023-09-25T17:14:08","guid":{"rendered":"https:\/\/greatamericanewsdesk.com\/?p=5232"},"modified":"2023-09-25T13:14:08","modified_gmt":"2023-09-25T17:14:08","slug":"bidenomics-u-s-national-debt-passes-33-trillion-for-first-time","status":"publish","type":"post","link":"https:\/\/greatamericanewsdesk.com\/opinion\/bidenomics-u-s-national-debt-passes-33-trillion-for-first-time\/paul-crespo\/2023\/09\/","title":{"rendered":"\u2018Bidenomics\u2019 – U.S. National Debt Passes $33 Trillion for First Time"},"content":{"rendered":"\n

ANALYSIS<\/strong> \u2013 In case some readers weren\u2019t sure, this is a big reason the conservative GOP \u2018Freedom Caucus\u2019 is threatening a government shutdown. Thanks to Joe Biden\u2019s massive spending orgy, the gross U.S. national debt has\u00a0breached the $33 trillion<\/a>\u00a0mark for the first time.<\/p>\n\n\n\n

To be precise, according<\/a> to the U.S. Treasury Department, as of September 18, 2023 (just 12 days short of the end of our fiscal year), the national debt has risen to $33,053,950,837,720 or $33.05 trillion.<\/p>\n\n\n\n

America\u2019s runaway inflation, which is crushing everyone\u2019s pocketbooks, is just one result of this part of \u2018Bidenomics.\u2019<\/p>\n\n\n\n

This unprecedented debt is also fueling concerns that another fight over federal spending may trigger the first government shutdown since 2019.<\/p>\n\n\n\n

Without drastic spending cuts, it\u2019s only going to get worse, much worse.<\/p>\n\n\n\n

Even accounting for newly passed spending cuts, the U.S. national debt is on track to top $50 trillion by the end of the decade, impacted by mounting interest and the cost of the nation\u2019s social programs.<\/p>\n\n\n\n

This is unsustainable; a looming catastrophe waiting to happen.<\/p>\n\n\n\n

And, yes, while Donald Trump clearly overspent, especially due to the COVID-19 epidemic, this current staggering debt, and the debt going forward, is mostly Biden\u2019s fault.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

As David Winston explained<\/a> in Rollcall back in April:<\/p>\n\n\n\n

The president [Biden] and his White House have taken the 2020 COVID-19, one-time-only crisis budget as his administration\u2019s working baseline, rather than the pre-Covid 2019 budget, which had a significant $4.4 trillion price tag.<\/em><\/p>\n\n\n\n

In 2020, because of the pandemic, the budget jumped 47 percent to $6.5 trillion, as both Democrats and Republicans supported the need for emergency funding. That COVID funding was to sunset as the country returned to normal \u2014 as it did last year. Apparently, Biden decided to ignore that crucial point.<\/em><\/p>\n\n\n\n

Instead, he saw that supersized budget in 2020 not as a crisis, but an opportunity that could be exploited going forward to pay for what amounted to a historic spending spree that kicked off with the $1.9 trillion American Rescue Plan and drove what became the worst inflation in 40 years. During Biden\u2019s first two years in office, he oversaw spending that was 40 percent higher than the pre-COVID 2019 budget.<\/em><\/p>\n\n\n\n

According to the CBO, Biden is going to match Trump\u2019s addition to the national debt in just three years, reaching a total of $7.1 trillion over his four years. That would be $1.5 trillion more than Trump contributed during his term, which included the 2020 one-time COVID emergency spending. If Biden\u2019s 2024 proposed budget actually passed, he would add as much to the national debt as Trump and Bush 43 combined. House Republican leaders have made clear his budget isn\u2019t going anywhere; but it illustrates just how out of control Biden\u2019s spending policies really are.<\/em><\/p>\n\n\n\n

This is a big reason why the House Freedom Caucus is willing to shut down the government to try to impose some sort of fiscal discipline.<\/p>\n\n\n\n

While much of the news has focused on the \u2018intransigent\u2019 MAGA conservatives undermining Speaker Kevin McCarthy and the rest of the House Republicans on this issue, Biden refuses to even discuss the House majority\u2019s proposals.<\/p>\n\n\n\n

Biden says he wants a \u201cclean\u201d debt ceiling vote without any provisions to control spending. This is not surprising since he just proposed a budget that will reach a record $10 trillion in spending by 2033. <\/p>\n\n\n\n

As horrible as a government shutdown will be, allowing this massive debt to keep growing is unacceptable. Without massive cuts, everyday Americans will still be paying the bill,\u00a0long after Biden is gone.<\/p>\n\n\n\n

Opinions expressed by contributors do not necessarily reflect the views of Great America News Desk.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

ANALYSIS \u2013 In case some readers weren\u2019t sure, this is a big reason the conservative GOP \u2018Freedom Caucus\u2019 is threatening a government shutdown. Thanks to Joe Biden\u2019s massive spending orgy, the gross U.S. national debt has\u00a0breached the $33 trillion\u00a0mark for the first time. To be precise, according to the U.S. Treasury Department, as of September 18, 2023 […]<\/p>\n","protected":false},"author":7,"featured_media":4399,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[247],"tags":[137,108,78,825,181],"class_list":["post-5232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinion","tag-biden-administration","tag-economy","tag-joe-biden","tag-national-debt","tag-opinion"],"yoast_head":"\n\u2018Bidenomics\u2019 - U.S. National Debt Passes $33 Trillion for First Time - Great America News Desk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/greatamericanewsdesk.com\/opinion\/bidenomics-u-s-national-debt-passes-33-trillion-for-first-time\/paul-crespo\/2023\/09\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2018Bidenomics\u2019 - U.S. National Debt Passes $33 Trillion for First Time - Great America News Desk\" \/>\n<meta property=\"og:description\" content=\"ANALYSIS \u2013 In case some readers weren\u2019t sure, this is a big reason the conservative GOP \u2018Freedom Caucus\u2019 is threatening a government shutdown. 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