The Biden economy is destroying America and our way of life as we know it. The main element behind the 40-year high inflation, the rising interest rates and the banking segment collapse is Biden’s spending. It’s almost uncontrollable.
Steve Bannon laid it out nicely. Biden’s spending is leading to inflation, rising interest rates and the banking segment collapse.
DEVELOPING: Moody’s Cuts Outlook For Entire US Banking Sector, Puts Six Banks on ‘Downgrade’ Watch
The CATO Institute laid out the massive spending in a recent report.
Federal spending jumped from $4.45 trillion in 2019 to $6.21 trillion in 2023, according to the Congressional Budget Office. That is a 40 percent increase in four years. The pandemic supercharged the federal budget, and spending and deficits are expected to continue rising unless policymakers pursue major reforms.
What is all the new spending since 2019? The answer is surprising, as shown in the two tables below. The main drivers of the recent increases have not been the largest three programs—Social Security, Medicare, and defense—but rather rapid growth in numerous other programs.
CATO shows the amount of spending by category:
Below is the increase in spending by Department. Food stamps are the big driver under the Department of Agriculture.
Hidden in these numbers are the costs for the millions of illegal aliens who have been allowed to enter this country and the costs of paying people to stay home.
This mess is a nightmare and will only accelerate as the Biden regime works daily to take down America.
The post BIDEN ECONOMY: Federal Government Spending UP 40% Since 2019 as Inflation Soars and Recession Looms appeared first on The Gateway Pundit.