Joe Blows Fed Debt With Used Hanky

Who in USA is laughing now at the Italians & Greeks for fiscal irresponsibility as the CBO’s July report shows interest on our federal debt has spiraled to 15.5% of all federal revenue? Neither Joe nor Congress seem to have a clue what to do …

But, wincing WSJ editors laid out the bad news quite succinctly in a recent op ed: “Congratulations, of a perverse sort, to Pres Biden & his Congressional comrades. The latest budget figures show they are breaking peacetime, non-crisis records for spending & deficits. And there’s no respite in sight.” The gory details leave a long trail of taxpayers’ sweat & blood. A WSJ sampling notes: “The Beltway brethren racked up a deficit of $1.62 trillion for the first 10 months of the fiscal year … That’s up from $726 billion a year earlier … What’s astounding is that this blowout is happening when the economy is growing, Covid is past & there’s no domestic emergencies [being] addressed” as they should be.

More gore: “REVENUES have fallen about 10%, despite the Democrats’ increase in corporate taxes. Individual income-tax revenue is down 20%,” especially from investors living on capital gains. So much for Joe’s promise of curing the deficit by soaking the rich? Meanwhile, OUTLAYS are up 11% … Spending lowlights include $71 billion more for Mr. Biden’s latest student loan non-repayment plan; $111 billion more for Social Security, largely for cost-of-living adjustments for inflation; & $104 billion for Medicare from higher payments rates …” Then, there’s the $52 billion cost of bailing out Silicon Valley Bank & others. Need we mention the “biggest increase in outlays so far this year has been net interest on the soaring federal debt – a rise of $146 billion to $572 billion, or 34%? Hence, that 15.5% interest on Uncle Sam’s debt.

Davd Soul