Reply to thread

Message

<blockquote data-quote="DriveInDriѵeOut" data-source="post: 4891167" data-attributes="member: 44954">You think Biden&#039;s proposals are even comparable to the past?&nbsp; Democrats are on a different planet with their insane budget proposals.[URL unfurl=&quot;true&quot;]https://reason.com/2021/06/03/bidens-astronomical-budget-proposal-even-has-some-democrats-worried/[/URL]If adopted, spending will reach $8.2 trillion annually by 2031 while the annual budget deficit will settle in at roughly $1.3 trillion annually for the next decade. These numbers are staggering. Consider that in 2020, which was also the peak of the pandemic, the Trump administration and Congress spent some $6.5 trillion, up from $4.4 trillion pre-COVID crisis.To pay for all this spending, Biden proposes to borrow $3.7 trillion in FY 2021. Not surprisingly, the national debt under this plan is projected to increase from $24 trillion this year to $39 trillion by 2031. That&#039;s an increase of debt held by the public from 100 percent of the gross domestic product in 2020 to 117 percent by 2031. As a reminder, at the height of World War II, public debt as a share of GDP was 106 percent.</blockquote>

[QUOTE="DriveInDriѵeOut, post: 4891167, member: 44954"] You think Biden's proposals are even comparable to the past? Democrats are on a different planet with their insane budget proposals. [URL unfurl="true"]https://reason.com/2021/06/03/bidens-astronomical-budget-proposal-even-has-some-democrats-worried/[/URL] If adopted, spending will reach $8.2 trillion annually by 2031 while the annual budget deficit will settle in at roughly $1.3 trillion annually for the next decade. These numbers are staggering. Consider that in 2020, which was also the peak of the pandemic, the Trump administration and Congress spent some $6.5 trillion, up from $4.4 trillion pre-COVID crisis. To pay for all this spending, Biden proposes to borrow $3.7 trillion in FY 2021. Not surprisingly, the national debt under this plan is projected to increase from $24 trillion this year to $39 trillion by 2031. That's an increase of debt held by the public from 100 percent of the gross domestic product in 2020 to 117 percent by 2031. As a reminder, at the height of World War II, public debt as a share of GDP was 106 percent. [/QUOTE]

Verification