Biden’s ‘Budget’ Is Purely U.S. Financial Destruction
When you think of a household budget, you probably consider how much money you can spend based on your available income during a certain period of time. President Biden’s 2024 “budget” is less an exercise in matching income with expenditures and more an exercise of seeing how big he can grow the government until the entire house of cards comes crashing down.
This would be dangerous at any point in time. It is more so given the current financial backdrop.
Not only are we already contending with $31 trillion in national debt, with rising interest rates, but the proposal flies in the face of every measure the Federal Reserve is currently taking to try to return the economy to some semblance of normalcy.
The Federal Reserve is desperate to slow demand in its meek effort to control inflation. What would help the Fed out would be the government slowing its spending. Not only would this directly help cool the economy, but some austerity on the government’s part would signal to consumers that they might want to pull back on their spending as well.
Instead, the Biden administration wants Congress to keep on spending like drunken sailors (no disrespect meant to drunken sailors). Biden is effectively telling Jerome Powell and the rest of the Fed, “Too bad, suckers,” offering no help or austerity, but rather pushing a larger government. (Read more from “Biden’s ‘Budget’ Is Purely U.S. Financial Destruction” HERE)
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