51.2 F
Chicago
Friday, December 2, 2022
HomeIllinois NewsBiden’s Spending Spree: $3.8 Trillion in Eighteen Months

Biden’s Spending Spree: $3.8 Trillion in Eighteen Months

Date:

spot_img

Biden1-800x450

In late March, President Biden claimed, “After my predecessor’s fiscal mismanagement, we’re reducing the Trump deficits and getting our fiscal house back in order.” He added, “We’re making real headway cleaning up the fiscal mess I inherited.”

In reality, Biden, with the help of congressional Democrats, has engaged in an 18-month spending binge that is unprecedented in American history. In fact, in less than two years, the Biden administration has spent a mind-boggling $3.8 trillion on new programs, which is the primary reason inflation remains at a 40-year-high and the economy is on the cusp of stagflation.

During President Trump’s term, the annual deficit was less than $1 trillion in 2017, 2018, and 2019. In 2020, the year of the pandemic, the deficit ballooned to $3.2 trillion due to the government’s massive pandemic spending programs.

When Biden took office in early 2021, the worst of the pandemic was over. Yet, Biden’s budget deficit in 2021 was $2.8 trillion, well above the pre-pandemic norm.

Below is a brief breakdown of Biden’s $3.8 trillion spending bonanza:

-The American Rescue Plan: $1.9 trillion

-The Bipartisan Infrastructure Framework: $1.2 trillion

-The CHIPS Act: $280 billion

-The Gun Violence Act: $13 billion

-The Inflation Reduction Act: $737 billion

This begs the question: Who is going to pay for all of this?

More HERE

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

IL GOP Establishment to Grassroots: Only Rich, Donor Voices Matter

By Illinois ReviewIn private messages, social media posts and...

FL Rep. Byron Donalds to IL GOP Elite: You Don’t Win Elections

By Illinois ReviewOAK BROOK, IL - Speaking to a...

Twitter Poll: 93% Favor a New IL GOP Chairman, 7% Oppose

By Illinois Review In an unscientific Twitter poll conducted...

Opinion: Love Your Neighbor for Life, Not Just for Votes

By Daniel EhrmanSince the mid-terms there have been murmurs...

1 COMMENT

  1. The communist one world govt politicians want to destabilize the US economy by creating a financial federal debt crisis so they can implement a constitution-less Marxist govt.
    The lack of moral standards by many in the US opens the door to a socialism-communist one world govt. Which is exactly what the rich and powerful want…. and oh, they (Bilderbergers & CFR members) want only one billion people on the earth.
    Why do you think the billionaires like Bill Gates are snapping up farm land?? Gates owns about 275,000 acres; Gates is certainly not a farmer