The Congressional Budget Office’s newest estimates show an astounding level of government spending over the past 10 months.
The office estimates the federal government has borrowed $1.6 trillion dollars so far this fiscal year. That makes for an average of $5.3 billion dollars borrowed per day. The office says it’s also more than twice the shortfall that was recorded last year during the same period. They also show a 10% drop in revenues at the same time as a 10% increase in government spending.
The national debt now sits at over $32 trillion. This amounts to roughly $253,000 per taxpayer. That debt is projected to exceed $50 trillion in the next 10 years. President joe Biden is currently bragging about Bidenomics raising the GDP by 2.4% in July, but some are seeing warning signs.
Economist Dave Brat says the deficit is stimulating the economy but that this shouldn’t be considered growth.