We’re only a few months into the Biden Administration and spending bolstered by the Democrat Congress has put his administration on track to be the most expensive in American history, by miles.
Donald Trump is the current record holder for the largest deficit over four years, topping $5.9 trillion if you account for basic federal receipts minus outlays as published by the United State Treasury.
As a comparison, Barack Obama’s first term left a deficit of $2.1 trillion and his first term hit $5 trillion.
Typically, presidential administrations do better in their second terms as they’re working with budgets created solely under their oversight.
Bill Clinton’s second term created a surplus of $465 billion, largely due to the DotCom and tech booms along with Newt Gingrich’s “Contract with America” that started in 1994.
As for Joe Biden, he’s averaging a monthly loss of $378 billion as of the March report. A deficit of $1.5 trillion has been amassed within the first three months of his Democrat administration.
If the trend continues, Biden would end his four years in office with a deficit of $18.1 trillion.
That tripling would be 64% of the current national debt that took 186 years to build since Andrew Jackson paid off the entire national debt in 1835.
Most of Biden’s three month deficit is due to the unemployment boost thrown in by Democrats, however on April 9th, the Biden White House requested another $1.5 trillion to tack on to the 2021 budget and there’s likely more to come.
The 2021 spending budget was already $5.8 trillion, this will knock it up to an astounding $7.3 trillion.
Currently, the published national debt stands at $28 trillion. However, when unfunded entitlements are accounted for along with other government liabilities, the true national debt tops $132 trillion.
Each taxpayer would have to contribution $855,000 to reset the clock to zero.
With the Biden-backed plan to increase double minimum wage to $15, unemployment will certainly rise as federal tax revenues will decline.
While some economists stand by their assertion that increased minimum wage doesn’t increase unemployment, 10 of the top 12 states with the lowest unemployment numbers have a minimum wage that matches the federal minimum of $7.25 an hour.
And of course, 10 of the 12 states with the highest unemployment rates have significantly higher minimum wages with California set at $14 an hour and the District of Columbia at $15 an hour.
In short, America’s economic outlook is looking bleak after only a few months of Democrat control.