Biden’s playing chicken with our children’s future – demanding Suicidal Spending
STEVE FORBES
Steve Forbes is chairman and editor-in-chief of Forbes Media and author of ‘Inflation: What It Is, Why It’s Bad, and How to Fix It’
President Joe Biden is at the wheel as America careens towards a fiscal cliff – and he just slammed the pedal to the metal.
On Wednesday, House Speaker Kevin McCarthy put forward the Republican Party’s offer to increase the U.S. borrowing limit and stave off a crippling debt default this summer, while at the same time, reining in federal expenditures to start the gradual process of rescuing the country from suicidal levels of spending.
Biden’s response was something akin to, ‘get lost!’
He’s outright refusing to negotiate.
‘That’s the MAGA economic agenda,’ Biden said in a Maryland union hall. ‘It’s not about fiscal discipline, it’s about cutting benefits for folks that they don’t seem to care much about.’
That’s a ridiculous lie.
Previous increases in the debt ceiling have come with conditions, including under President Obama in 2011 when $900 billion in additional borrowing capacity was coupled with $900 billion in spending reductions.
Biden’s scheme is to give Congress only two options: greenlight the waste of more taxpayer dollars or default on America’s debt for the first-time in history.
He’s playing chicken with our children’s future — either Republicans cave or we all go over the edge together. But that’s a false choice.
America can and must meet our obligations and cut spending.
President Joe Biden is at the wheel as America careens towards a fiscal cliff – and he just slammed the pedal to the metal.
On Wednesday, House Speaker Kevin McCarthy put forward the Republican party’s offer to increase the U.S. borrowing limit to stave off a crippling debt default this summer. Biden’s response was something akin to, ‘get lost!’
Right now, our nation’s finances are a mess, upended by massive government spending over the last two years.
The Congressional Budget Office reported that as of February spending as a share of the economy was 23.7%, predicted to rise to 24.9% over the next 10 years.
That’s a level that hasn’t been reached since the end of WWII, except for 2020 and 2021, when Congress panicked over the virus and threw the Treasury and the Federal Reserve’s money printing machine at it.
But that’s completely unsustainable for any economy. And it wasn’t just over-the-top pandemic relief spending that bloated the national debt.
Electric vehicle subsidies and other wild progressive priorities heavily contributed to the $25 trillion debt now held by the U.S. public.
Something must be done! It’s time for a stop payment on Biden’s blank check.
House Republicans now have a strong bargaining position. They can’t blink. They must take their case straight to the American people, because no one in the White House is listening.
Here are a few reasonable, politically popular strategies to start chipping away at the debt:
Don’t Spend Unspent Money From Huge Covid Spending Sprees
It’s estimated that up to $70 billion of the $4.62 trillion in budgetary resources earmarked for Covid relief has yet to be spent.
Biden himself has assured us that the pandemic is over: it’s time to stop throwing taxpayer money at it.
It’s true – this is a relatively small amount compared to the massive U.S. debt, but we need to start somewhere.
Right now, our nation’s finances are a mess, upended by massive government spending over the last two years.
Continue reading….
Header featured image (edited) credit: Biden/AP photo
Emphasis added by (TLB) editors
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