President Joe Biden’s re-election message that he created over 10 million jobs is not going to save him. Bidenomics has been something the White House has pushed since the summer; however, the latest economic numbers suggest that he could face strong economic headwinds.
The trillion-dollar spending spree of the Biden administration looks like it is coming back to haunt him.
“With all the chaos and heartbreaking loss of life around the world today, few noticed the Treasury Department drop a financial bomb: the deficit for fiscal year 2023 was $1.7 trillion, growing 23 percent in a single year as the Treasury used $879 billion just to service the federal debt. But Bidenomics means the worst is yet to come, and multi-trillion-dollar deficits are the new normal,” E.J. Antoni wrote in a piece for Fox Business. “The impetus for these massive deficits is federal government spending, which tipped the scales at $6.1 trillion last year.”
Antoni continued, “Government receipts, meanwhile, were $4.4 trillion, woefully short of the $5 trillion previously forecasted. A slowing economy and counterproductive tax increases were key drivers behind the $457 billion drop in receipts from the prior fiscal year.”
Interest payments on the federal deficit have become as large of a budgetary item as the defense budget. Paying $879 billion to maintain the debt ought to be a flashing red light, yet the Biden administration remains intent on keeping its drunken spending orgy going. History offers ominous warnings.
Is Joe Biden Sending the U.S. in the Direction of the British Empire?
The collapse of the British Empire after World War II offers a glimpse of what could be ahead. Following World War II, British debt reached 200 percent of the empire’s Gross Domestic Product (GDP). The U.K. entered a period of economic winter. It could no longer afford the military that won and maintained the empire, and British influence withered on the global stage.
Joe Biden seems intent on a repeat, and China will be the hegemonic beneficiary. This spending could doom the U.S. to follow the British Empire into lasting economic decline.
“Despite this being an obviously unsustainable path, the Biden administration is doubling down, promising more government spending and multi-trillion-dollar deficits forever. Financial markets are beginning to wake up to the fact that the Treasury eventually won’t be able to pay its debts—and that day may arrive soon,” Antoni wrote. “Consequently, investors are demanding higher yields when lending money to the Treasury, which is increasing the cost to service the debt. As massive deficits continue growing the debt, gross interest outlays are exploding as new debt is issued at higher interest rates.”
St. Louis Fed Vice President Christopher Neely predicts that the current bout of inflation will only make it more expensive for the federal government to borrow money.
Bidenomics Fueled Inflation Could Kill Joe Biden 2nd Term Aspirations
Inflation has sapped the buying power of American consumers. Minorities who form a key segment of the Democratic Party coalition have been hit hard. Biden should be looking to history. Economics have denied Presidential predecessors second terms going back to Herbert Hoover. Bill Clinton’s 1992 slogan “It’s the economy, stupid” cost George H.W. Bush a second term. Biden won his office in part because he sold the American people on the idea that Donald Trump ruined the economy. Now, it looks like Bidenomics could hand the White House back to Trump.
“Across the seven key swing states, 49% of voters said Bidenomics is bad for the economy — nearly twice the share who said it has been good. Even among swing-state voters who support his re-election bid, only 56% said Biden’s economic policies have been positive for the country, compared with 86% of Trump supporters who said it’s been negative,” Morning Consult said. “Biden also faces a tough sell with undecided voters, only 2% of whom said Bidenomics has been good for the economy compared with 46% who said it has been bad. The only silver lining for the president among this key demographic is that a substantial share of undecided voters (41%) haven’t made up their minds on Bidenomics.”
John Rossomando is a defense and counterterrorism analyst and served as Senior Analyst for Counterterrorism at The Investigative Project on Terrorism for eight years. His work has been featured in numerous publications such as The American Thinker, The National Interest, National Review Online, Daily Wire, Red Alert Politics, CNSNews.com, The Daily Caller, Human Events, Newsmax, The American Spectator, TownHall.com, and Crisis Magazine. He also served as senior managing editor of The Bulletin, a 100,000-circulation daily newspaper in Philadelphia, and received the Pennsylvania Associated Press Managing Editors first-place award for his reporting.
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