Mazur: Biden programs prolong inflation, expand debt

by Frank Mazur

A recent Congressional Budget Office (CBO) reports our economy is recovering from the recent pandemic.  However, excess spending with Biden’s Build Back Better and Transportation Bill created a structural imbalance between spending and revenue and its growing.  Additionally, the recently passed $53B Ukraine Aid Bills require payment with more printed money that will prolong inflation and expand our debt.

President Biden and Congress also have a blind eye to what’s fast emerging with trust fund deficits.  CBO predicts Medicare’s Hospital Insurance for seniors will be depleted in 2026.   Compounding that is Social Security’s Old-Age and Survivors’ Insurance Trust Fund will be depleted in 2033 and monthly checks could be cut 20 percent.  The Highway Trust Fund used for highways/bridges but drained by bike paths, railways and buses, currently paid for with fuel tax revenue, will be depleted in 2027.

The CBO indicates Biden’s fiscal policy of deficit spending is unsustainable and will cause interest rates to remain high to battle inflation.  It will increase Federal interest payments 3X to $1.2 trillion by 2032 thereby lessening money for our safety net or for any future crisis spending.  Increased Federal debt also reduces opportunities for our children and grandchildren because the repayment burden will be on them.

It’s impossible to have a prosperous economy when government is overspending its income, printing money to pay debt and over regulating.  We need fiscal discipline in Congress; not the train wreck course President Biden and Democrats are currently on.

The author is a former South Burlington legislator.

Categories: Commentary

2 replies »

  1. Prediction: The stock market (DJIA) dropped below 30,000 today – lower than when Biden took office. With inflation at a 40-year high, the highest gas and food prices in history, chaos at the border, continued fighting in Ukraine, clearly, it can’t get much worse.

    But if the operators in the Democrat party are true to form, in the next couple of months, we’ll see prices begin to level off from these highs, Biden will likely cut a deal with Mexico to limit the border chaos, he’ll make a deal to produce more local oil, and the Russians will make a deal with the Ukrainians to stop fighting… all of this just before the November elections.

    Of course, our current dysfunction will only barely improve… at least temporarily. But it will still be worse than at any time in recent history. None-the-less, the Democrats will surely say Biden’s policies have stopped our decline.

    In other words, the Democrats have made things so bad, there’s no way but up. And they’ll blame the previous administration for all the problems they’ve had and try to convince everyone they provided the governance required for our salvation.

    Caveat emptor.

    • Isn’t that what they’ve always done. Create a problem for regular working families and just before election time they give something away to make it look like they fixed it. This gun control fiasco is an example. They’re going to restrict certain things for law abiding people who are not the problem. Then they blame an inanimate object that can’t operate on its own to make it look like they solved the problem of criminal mass shootings. They will be lauded in the media and the sheeple will be satisfied until the next mass shooting. And the cycle starts again. Wash, rinse and repeat.

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