Biden and Harris’ Spending and Debt Record: A Significant Tragedy

As President Joe Biden’s administration approaches its conclusion, it is essential to critically evaluate the financial legacy of his tenure alongside Vice President Kamala Harris. The current state of federal spending and debt under their leadership is alarming. According to recent data from the Congressional Budget Office (CBO), the projected budget deficit for 2024 stands at an astounding $1.8 trillion, with estimates suggesting it could soar to $2.8 trillion in a decade under optimistic scenarios. A significant concern arises from the fact that interest payments on government debt are projected to consume over 20 percent of federal revenue by 2025, a number that rises to nearly 28 percent when Social Security revenues are excluded. The federal debt, which has surpassed $28 trillion, is now more than $2 trillion higher than the previous year and $6 trillion beyond the levels when Biden and Harris assumed office. Current debt stands at 100 percent of the nation’s Gross Domestic Product (GDP), reaching historic highs reminiscent of post-World War II, with projections indicating a further increase to 166 percent within 30 years.

While it is crucial to acknowledge that the roots of this debt crisis extend beyond the Biden-Harris administration—former President Donald Trump’s tenure also significantly contributed to the deficit through both legislative and executive actions that increased national debt by $4 trillion before the pandemic—Biden and Harris have shown little resolve in reversing the trend. Upon taking office, they were positioned to address the aftermath of the pandemic’s economic challenges, as the country was re-emerging from restrictions with vaccination efforts underway. However, rather than curbing spending, they opted to continue inflating the budget. A mere three months into their term, they championed a massive $1.9 trillion relief package, disproportionate to the actual economic needs at that time, which exacerbated inflation to its highest level in four decades and financially burdened the average American family by over $10,000.

Furthermore, the suite of fiscal measures advanced by the Biden administration includes substantial expenditures totaling over $5 trillion that lack adequate funding. This includes various legislative measures such as $1.4 trillion in omnibus appropriations, $620 billion for student loan forgiveness, and significant funding for veterans’ benefits and infrastructure projects. This unchecked spending habit raises concerns among economists, especially as many argue against the dangers of accruing debt when interest rates are low, a situation that is increasingly becoming untenable given current and future economic projections. Consequently, while Biden and Harris entered office with a pandemic-influenced deficit of $2.3 trillion, projections for 2024 now shockingly suggest a deficit twice that amount, underscoring a trajectory of fiscal irresponsibility.

Notably, the ambitious spending initiatives proposed by the Biden administration did not stop there; attempts to advance the $2.3 trillion “Build Back Better” plan were curtailed, and a larger lobby for student loan forgiveness faced legal challenges. These failed attempts, coupled with the overall financial mismanagement, paint a disheartening picture of fiscal stability under the current administration. As Vice President Harris seeks a higher office, her stance appears to remain unyielding in the face of mounting debt, advocating for expansive tax credits and continued student loan forgiveness without addressing the financial repercussions of such policies.

Trump’s approach, characterized by his own form of populism, does not offer a significant departure from Biden’s trajectory concerning federal spending. The looming reality for whichever candidate emerges victorious from the upcoming election is inheriting an enormous fiscal deficit exacerbated by a growing entitlement crisis, which neither party appears willing to confront head-on. As the next president prepares to assume responsibility, they will be met with the monumental challenges posed by skyrocketing deficits and a dire need for sustainable financial policies, which current leaders, including Biden and Harris, have failed to address responsibly.

In summary, the fiscal legacy of the Biden-Harris administration represents a cautionary tale of unchecked government spending leading to significant debt accumulation, set against a backdrop of ongoing economic instability resulting from the pandemic. Their inability to prioritize fiscal responsibility signals troubling implications for future administrations and the broader economic landscape. As the nation prepares for the transition of power, the weight of unresolved fiscal issues looms large, underscoring an urgent need for comprehensive financial reform to navigate the challenges that lie ahead.