Under Joe Biden and Kamala Harris, federal spending and debt are at the highest levels in US history outside of wars and recessions.
The presidential campaign season is once again turning politicians into pandering game show hosts, promising voters huge tax cuts and spending expansions with no regard to the debt crisis these policies will accelerate.
Budget deficits are set to exceed $2 trillion this year — despite relative peace and prosperity — and then surge to $4 trillion within a decade under current policies.
For the first time since the end of World War II, the federal debt will top 100% of the gross domestic product.
The impending completion of the Biden-Harris administration brings an opportunity to assess their role in these rising deficits.
Joe Biden and Kamala Harris surely inherited an economic and fiscal mess. President Trump had already signed legislation and executive orders adding $4 trillion to 10-year deficits before the bipartisan pandemic response added $4 trillion more.
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Brian M. Riedl is a senior fellow at the Manhattan Institute. Follow him on Twitter here.
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