Treasury just dropped a financial bomb, but Bidenomics means the worst is yet to come
Treasury just dropped a financial bomb, but Bidenomics means the worst is yet to come (foxbusiness.com)
The deficit for fiscal year 2023 was $1.7 trillion, growing 23 percent in a single year as the Treasury used $879 billion just to service the federal debt. But "Bidenomics" means the worst is yet to come, and multi-trillion-dollar deficits are the new normal.
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The impetus for these massive deficits is federal government spending, which tipped the scales at $6.1 trillion last year. Government receipts, meanwhile, were $4.4 trillion, woefully short of the $5 trillion previously forecasted. A slowing economy and counterproductive tax increases were key drivers behind the $457 billion drop in receipts from the prior fiscal year.
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Yet, even these reduced revenues would have resulted in a balanced budget if President Biden had simply allowed spending to return to its pre-pandemic level. Instead, Treasury outlays are up 38 percent today compared to pre-pandemic times.
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The Bidenomics TrainWreck
http://roanokeslant.blogspot.com/2023/09/the-bidenomics-trainwreck.html
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Celebrating Bidenomics Debt – Really!
http://roanokeslant.blogspot.com/2023/08/celebrating-bidenomics-debt-really.html
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