(Ezekiel Loseke, Headline USA) Joe Biden will add $4.8 trillion to the federal debt, according to a Conservative estimate produced by The Committee for a Responsible Federal Budget.
The Federalist reported that this spending ought to be divided into three categories: administrative measures, bipartisan legislation and partisan legislation.
Administrative measures are spending measures enacted by Biden without congressional approval or initiation. The president’s ability to spend money unilaterally is constitutionally dubious, at best. Expenditures in this category include:
- Student loan forgiveness ($750 billion)
- An increase in food stamps ($185 billion)
- Modifications of Obamacare and Medicaid
In the end, Biden will have spent $175 billion by himself.
The Federalist’s second category is bipartisan legislation. These are spending bills passed with a minimum of 10 Republican votes. Bipartisan spending legislation includes:
- The Omnibus bill that spent over $625 billion
- The infrastructure spending of $370 billion
- Legislation “to help veterans” $280 billion
- Semiconductor legislation $80 billion
- Aid to Ukraine for $55 billion
These expenditures add $1.7 trillion to the debt.
Finally, there are partisan measures: spending the bicameral majority of Democrats have forced upon the American people. This includes:
- Covid relief $1.85 trillion
- Joe Manchin’s “Inflation Reduction Act” $240 billion
In addition to these categories, the interest on the debt is expected to rise $700 billion. Bringing the total, according to CFRB, to $4.8 trillion.
Frighteningly, the CFRB produced a conservative estimate compared to other organizations. For example, Penn-Wharton estimated a higher cost for student loan forgiveness. The CRFB also failed to account for some gimmicks found in the “inflation reduction act,” according to the Federalist.
As Ronald Reagan once said, “The government in Washington is overfed.”
