The Congressional Budget Office has now released its final tallies for spending, debt and taxes in Joe Biden’s first year in office. The numbers aren’t pretty. In fact they are dismal.
Start with the expenditures: $6.8 trillion. That’s $2.4 trillion more than the government spent in 2019 before the pandemic. The feds have spent close to $4 trillion in two years to contain Covid – which hasn’t been contained. FOUR TRILLION DOLLARS! Gee, that’s been money well spent!
Could things with the virus be any worse if the government had spent nothing and there had been no shutdowns? This might be the most epic failure of big government in world history.
Then there is the revenue side of the equation. For the first time in American history, Americans paid $4 trillion in total taxes. This was 18% of our GDP which is right at the recent historical average.
We do NOT have a revenue problem in Washington. We have an OVERSPENDING crisis. Republicans should call for a two year FREEZE on federal spending. Read Steve Moore’s new book Govzilla which documents the obscene spending blowout in Washington for the last several decades.