According to the latest "Budget Outlook Update" by the Congressional Budget Office (CBO), the federal deficit of $3.3 trillion this year is not only three times that of last year, but also the largest federal deficit in history. The CBO update also predicts that next year federal debt will be equivalent to 104% of gross domestic product (GDP) and will reach 108% of GDP by 2030.
The CBO update also showed that social security, medical insurance and highway trust funds will all go bankrupt in 2031. This will put pressure on Congress to bail out trust funds, thereby further increasing debt.
The surge in federal spending this year was due to the trillion-dollar Coronavirus Relief/Economic Stimulus Act passed by Congress and signed by the President. However, from President Trump’s swearing-in to the blockade, spending has increased by $937 billion.
No matter who wins the presidential election, federal spending will not decrease. Former Vice President Biden has proposed to increase expenditures from Obamacare to militarism to "green" nepotism. However, some progressives are criticizing Biden's spending proposal for being too "s". What's more distressing is that few progressives have criticized Biden for supporting an increase in the military budget.
With some notable exceptions, such as his infrastructure plan, President Trump did not propose any large-scale new spending plans. However, he did not promise to stop increasing federal spending, which has been much cut.
Most Republicans abandoned the Obama-era opposition to deficit spending to support President Trump’s increased spending. This repeats a pattern where Republicans oppose deficit spending during the Democratic presidency, but when the Republicans sit in the Oval Office they decide that "the deficit does not matter." If Biden wins in November, Republicans are likely to find again that deficits are really important, especially if Democrats also gain control of the Senate.
Government expenditures forcibly obtain resources from the private sector, which are used to produce the goods and services needed. Accepted by consumers and placed in the hands of politicians and bureaucrats. This distorts the market, reduces efficiency and reduces people's living standards. This, combined with the pressure to monetize federal debt, caused the Fed to inject capital into the economy, leading to a prosperous business cycle.
Unless Congress starts to reduce spending, the upcoming economic crisis will become more serious. The logical place to start cutting spending is to end all unnecessary overseas commitments, corporate benefits, and the abolition of all unconstitutional federal agencies-starting with the Department of Education.
The money saved from these cuts can be used to start repayment. Debt and provide debt for those who really rely on the current system, while we are transitioning from a welfare state. Private charities, including charities managed by religious organizations, are better than government bureaucracies in providing effective and compassionate assistance to those in need.
Unless the party's voters request it, most politicians will not vote to reduce the welfare war country. As long as many people believe that the government has economic and personal security for them and the ability to provide them with moral responsibility, the people will not demand the end of big government.
Therefore, our first task must be to fight for the people's mentality of rejecting their rights, and to support freedom and personal responsibility. This will enable us to launch a campaign that can persuade politicians to stop voting on more spending and debt, and instead vote to respect the Constitution’s restrictions on government in all areas.