‘Bidenomics’ – US National Debt Passes $33 Trillion For First Time

ANALYSIS – In case some readers weren't sure, this is a big reason the conservative GOP ‘Freedom Caucus' is threatening a government shutdown. Thanks to Joe Biden's massive spending orgy, the gross U.S. national debt has breached the $33 trillion mark for the first time.

To be precise, according to the U.S. Treasury Department, as of September 18, 2023 (just 12 days short of the end of our fiscal year), the national debt has risen to $33,053,950,837,720 or $33.05 trillion.

America's runaway inflation, which is crushing everyone's pocketbooks, is just one result of this part of ‘Bidenomics.' (RELATED: IMF Predicts Continued High Inflation Heading Into 2024)

This unprecedented debt is also fueling concerns that another fight over federal spending may trigger the first government shutdown since 2019.

Without drastic spending cuts, it's only going to get worse, much worse.

Even accounting for newly passed spending cuts, the U.S. national debt is on track to top $50 trillion by the end of the decade, impacted by mounting interest and the cost of the nation's social programs.

This is unsustainable; a looming catastrophe waiting to happen.

And, yes, while Donald Trump clearly overspent, especially due to the COVID-19 epidemic, this current staggering debt, and the debt going forward, is mostly Biden's fault. (RELATED: GOP Debt Deal Already Needs Revisiting)

As David Winston explained in Roll Call back in April:

The president [Biden] and his White House have taken the 2020 COVID-19, one-time-only crisis budget as his administration's working baseline, rather than the pre-Covid 2019 budget, which had a significant $4.4 trillion price tag.

In 2020, because of the pandemic, the budget jumped 47 percent to $6.5 trillion, as both Democrats and Republicans supported the need for emergency funding. That COVID funding was to sunset as the country returned to normal — as it did last year. Apparently, Biden decided to ignore that crucial point.

Instead, he saw that supersized budget in 2020 not as a crisis, but an opportunity that could be exploited going forward to pay for what amounted to a historic spending spree that kicked off with the $1.9 trillion American Rescue Plan and drove what became the worst inflation in 40 years. During Biden's first two years in office, he oversaw spending that was 40 percent higher than the pre-COVID 2019 budget.

According to the CBO, Biden is going to match Trump's addition to the national debt in just three years, reaching a total of $7.1 trillion over his four years. That would be $1.5 trillion more than Trump contributed during his term, which included the 2020 one-time COVID emergency spending. If Biden's 2024 proposed budget actually passed, he would add as much to the national debt as Trump and Bush 43 combined. House Republican leaders have made clear his budget isn't going anywhere; but it illustrates just how out of control Biden's spending policies really are.

This is a big reason why the House Freedom Caucus is willing to shut down the government to try to impose some sort of fiscal discipline.

While much of the news has focused on the ‘intransigent' MAGA conservatives undermining Speaker Kevin McCarthy and the rest of the House Republicans on this issue, Biden refuses to even discuss the House majority's proposals. (RELATED: McCarthy Loses It After House Republicans Torpedo Spending Bill Vote)

Biden says he wants a “clean” debt ceiling vote without any provisions to control spending. This is not surprising since he just proposed a budget that will reach a record $10 trillion in spending by 2033.

As horrible as a government shutdown will be, allowing this massive debt to keep growing is unacceptable. Without massive cuts, everyday Americans will still be paying the bill, long after Biden is gone.

The opinions expressed in this article are those of the author and do not necessarily reflect the positions of American Liberty News.

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