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.