Federal Budget Deficit Suddenly Doubles, Signaling Disaster

Contact Your Elected Officials
The Epoch Times Header

You have surely never believed the Biden administration’s assurances that the economy is strong and federal finances are all headed in the right direction. Like everything else these days, this has always felt like gaslighting.

The GDP and labor numbers keep being revised downward and inflation is still on the march. The agencies have outright lied about the data they are reporting. The higher interest rates were surely going to create a serious problem for federal finances, not that anyone in a position to fix the problem cares about the future.

That much we knew. But the extent of the problem comes as a bit of a shock. The budget group Committee for a Responsible Federal Budget has run the numbers and offered a forecast for next year. It sees the budget deficit doubling from $1 to $2 trillion by next year. We’ve never seen anything like this in times in which everyone says that things are back to normal.

They are far from normal. There is a real crisis brewing. It happens even as the Biden administration is bragging about bringing down the deficit. That turns out to be entirely temporary, as one might expect. The truth is far more grim.

In the data we have already, payments on the federal debt are already at $1 trillion as a result of the Fed’s increase of rates to combat inflation. Again, we’ve never seen anything like this. Honestly, it feels like the end times. I personally recall the panic in the 1980s about the deficit. Those times are not even close to comparable to what we face today.

How the heck did this third-world-style disaster take place?

Let’s review the last four years and how we got here. There was a virus and the United States copied the Chinese Communist Party’s (CCP) plan for virus control. All public-health elites got on board with what are called Non-Pharmaceutical Interventions, which can be hand washing but can also be massive and brutal shutdowns. For some reason, a mania overtook the learned class and they cracked down on any and all human activity, including shutting down playgrounds and schools.

By Jeffrey A. Tucker

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Kamala, Please Run Again

Kamala Harris hinted she wants to run for President in 2028, despite poor poll numbers and her loss in 2024. If she runs, the big winners will be the GOP.

Rosie O’Donnell vs. Her Therapist

Rosie O’Donnell's therapist attempted to artfully introduce to her client to the possibility that Rosie's outrage might be performative. It didn’t take.

Hamas’s Stubborn Grip on Arms Signals No Desire for Genuine Peace

Hamas’s rhetoric reflects its founding ideology, prioritizing armed resistance over civilian welfare or diplomatic progress.

Off the radar

In the longstanding and brutal ledger of religious persecution, Nigeria now occupies its own grim chapter with its enduring pogrom against Christians.

The New Jackboots? A Wake-Up Call on Antifa and Fascism

An analysis of whether Antifa truly opposes fascism by comparing its tactics and behavior to historical signs and movements of fascist regimes.

Louisiana GOP State Lawmaker Announces Run Against Incumbent U.S. Senator

Louisiana Rep. Julie Emerson launches a campaign against Sen. Bill Cassidy, entering the state’s first Republican primary race in 50 years.

Trump Says His MRI Test Performed at Walter Reed Was ‘Perfect’

“I did,” Trump confirmed. “I got an MRI. It was perfect. I gave you the full results. We had an MRI, in the machine … the whole thing.”

Fox News to Air First TV Interview With Erika Kirk Following Husband’s Assassination

Erika Kirk, new CEO of Turning Point USA, will give her first TV interview next month, two months after the assassination of her husband, Charlie Kirk.

Judge Rules Charlie Kirk Assassination Suspect Can Wear Civilian Clothes in Pretrial Hearings

A judge ruled on Oct. 27 that the man accused of assassinating Charlie Kirk last month can appear in civilian clothing during all pre-trial hearings.

Trump Hikes Canada’s Tariffs by 10 Percent for Not Pulling Anti-Tariff Ad Immediately

Trump announced he will increase tariffs on Canada by 10% after ad by provincial government of Ontario misrepresented President Reagan’s speech on tariffs.

Trump Rolls Back Emissions Rules on Copper Smelters

President Trump issued a proclamation aimed at reversing a Biden-era environmental rule that enforced stricter air emission standards on copper smelters.

Donor Gives $130 Million to Cover Shortfall in Troop Pay During Shutdown

Trump announced on Oct. 23 that an anonymous donor sent $130M to cover military pay during the ongoing government shutdown.

‘Frustration’ With Canada Led to Trump Scrapping Talks, Not Just Ontario’s Ad: US Official

President Trump cited Ontario’s TV ad as the reason for halting Canada trade talks, but officials say it stems from rising U.S. frustration with Ottawa.
spot_img

Related Articles

Popular Categories

MAGA Business Central