New CBO estimates show unhinged government spending

by Renata

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.