President Biden’s affinity for President Franklin D. Roosevelt is well documented. Both men took office during unprecedented economic crises and sought vast historical expansions of government programs and spending to address the turmoil.
President Bidens affinity for President Franklin D. Roosevelt is well documented. Both men took office during unprecedented economic crises and sought vast.
https://www.nysun.com/national/bidens-borrowing-a-problem-for-president-harris/91408/
President Bidens opening move has been to propose a $1.9 trillion pandemic recovery spending plan, on top of the $2 trillion approved in March 2020, $484 billion in April 2020, and the $900 billion in December 2020. All indications are that Mr. Biden plans to follow that with a $2 trillion build back better plan for spending on transportation, energy, infrastructure, health care, and countering climate change.
Its easier to get Congress to approve spending than taxing, so the $4 trillion Biden spending binge is likely to be funded largely with borrowing. That is promoting some pushback from Republicans, who observe that the national debt is already at $27 trillion, a record in nominal terms.
December 30, 2020
Chances are the current economic uncertainty is messing with your life. Recent data indicates 12.7 million people are currently unemployed. Many more are underemployed. People are hurting.
Maybe you are one of the 44 million college graduates have student debt, averaging $37,584. Nearly half of students graduating this spring are expected to move back home, held back by the economy in establishing lives of financial independence.
Perhaps you were laid off from a job. The timing couldn’t be worse with a new baby or a new mortgage.
All of the above is the “now” problem. Meanwhile, a larger “later” problem is brewing. The clock keeping tally of America’s national debt has officially run out of digits to record the soaring figure. The U.S. National Debt Clock was installed in Manhattan in 1989 to highlight what was then a $2.7 trillion debt. But when the total crept over $10 trillion, owners of the clock realized they needed another digit a fourteenth