Ubiquitous
2024-10-22 02:05:04 UTC
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PermalinkBiden during the past four years?
KAMALA HARRIS: There is not a thing that comes to mind in terms of
and Ive been a part of most of the decisions that have had impact.
On Friday, the Treasury Department released a report showing the kind of
impact Harris is talking about. If nothing else does, it should cost her the
election.
The latest monthly Treasury report shows spending and revenues for the full
fiscal year 2024, which ended in September.
Among the terrible results: The federal deficit topped $1.8 trillion in 2024
the third highest in history and eclipsed only by the two COVID-19 panic
spending years.
Thats not for lack of revenues, which were up by nearly half a trillion
dollars this year. Spending under Biden-Harris this fiscal year climbed more
than $617 billion a 10% increase.
But the real shocker is the explosive growth in interest payments on the
national debt.
These payments hit $882 billion in FY 2024, the Treasury report says. Thats
a 35% jump from last year.
And its $8 billion more than we spent on National Defense.
https://i0.wp.com/issuesinsights.com/wp-content/uploads/2024/10/Screenshot-
2024-10-19-at-9.51.20%E2%80%AFAM.png?resize=1024%2C673&ssl=1
This marks the first time in our nations history that interest on the debt
has exceeded defense spending. And the gap is on track to rapidly widen
with the government spending $200 billion more in interest than in protecting
America from her enemies by 2029.
Why the massive run-up in interest costs? Blame Harris tie-breaking votes
(something for which she routinely brags). Because of them, Biden-Harris
added trillions in new spending at a time when the economy had already fully
recovered from the COVID-19 panic. That sparked a huge increase in inflation,
which in turn drove up interest rates.
More debt and higher interest rates meant a sharp increase in the cost of
financing that debt.
https://i0.wp.com/issuesinsights.com/wp-content/uploads/2024/10/biden-
harris-interest.jpg?resize=1024%2C941&ssl=1
How do we know Biden and Harris are to blame? Before they took office, the
Congressional Budget Office (CBO) projected net interest payments for the
next decade, based on the policies that Donald Trump had in place.
The CBO said that, had Biden not spent us to the poorhouse, interest payments
on the national debt this year would have been only $284 billion. (See chart
above.)
In other words, Harris and her tie-breaking votes are responsible for a 210%
increase in interest costs this year alone.
What would Kamala Harris do about this terrible state of affairs if she were
elected president? No one has bothered to ask her.
But we do know that she wants to do exactly what she and Biden have already
done: add trillions of dollars of inflationary spending, impose economically
ruinous tax hikes, and pile on still more growth-killing regulations.
Harris is right about one thing. It is time to turn the page before its
too late.
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Let's go Brandon!