{"id":1650105,"date":"2022-09-21T03:02:52","date_gmt":"2022-09-21T07:02:52","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1650105"},"modified":"2022-09-21T03:06:44","modified_gmt":"2022-09-21T07:06:44","slug":"budget-analysts-conclude-biden-policies-will-add-4-8-trillion-to-national-debt","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/budget-analysts-conclude-biden-policies-will-add-4-8-trillion-to-national-debt\/","title":{"rendered":"Budget Analysts Conclude Biden Policies Will Add $4.8 Trillion To National Debt"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbudget-analysts-conclude-biden-policies-will-add-4-8-trillion-to-national-debt%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1650105&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Why does inflation continue to <a href=\"https:\/\/thefederalist.com\/2022\/03\/16\/polls-show-bidenflation-is-killing-democrats-with-minority-voters\/\" target=\"_blank\" rel=\"noreferrer noopener\">plague American households<\/a>? Part of the problem stems from monetary policies the <a href=\"https:\/\/thefederalist.com\/2021\/11\/17\/how-the-federal-reserve-keeps-stoking-inflation\/\">Federal Reserve put into place<\/a> as a stimulus response to Covid-19 and kept in place for far too long. But a new analysis puts much of the blame \u2014 $4,800,000,000,000 worth, to be exact \u2014 at the feet of President Biden.<\/p>\n<p>The <a href=\"https:\/\/www.crfb.org\/blogs\/biden-administration-has-approved-48-trillion-new-borrowing\">estimate<\/a> by the Committee for a Responsible Federal Budget (CRFB) in some ways understates the scope of the fiscal irresponsibility by this administration \u2014 in far too many cases with at least some Republican support. But it speaks to the extent of the reforms that future administrations, and frankly future generations, will have to enact to clean up the fiscal mess that Biden and current lawmakers have created.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><\/figure>\n<\/div>\n<h2><strong>Spending Like Drunken Sailors<\/strong><\/h2>\n<p>One can characterize the policies included in the CRFB analysis into three broad buckets.<\/p>\n<p><em>Administrative Actions<\/em>: These consist of executive policies enacted without approval from Congress (and, at least some would argue, without authority from Congress).<\/p>\n<ul>\n<li>Student \u201c<a href=\"https:\/\/thefederalist.com\/2022\/08\/26\/how-joe-bidens-welfare-for-college-grads-will-stoke-inflation\/\">loan forgiveness<\/a>,\u201d which according to CRFB will cost $750 billion.<\/li>\n<li>A more than 20 percent increase in the reference cost of food stamps, which will cost $185 billion.<\/li>\n<li>A series of health-related administrative actions, including a (<a href=\"https:\/\/thefederalist.com\/2022\/04\/11\/joe-biden-who-dodged-obamacare-taxes-now-proposes-expanding-obamacare\/\" target=\"_blank\" rel=\"noreferrer noopener\">questionably legal<\/a>) proposal to alter the Obamacare subsidy regime, and a recent proposal designed to liberalize the Medicaid enrollment process. In total, CRFB concludes these actions will cost $175 billion.<\/li>\n<\/ul>\n<p><em>Bipartisan Legislation<\/em>: Many other budget-busting measures passed with significant bipartisan support \u2014 in this case, at least 10 Republican votes to overcome a filibuster in the Senate. These bills include:<\/p>\n<ul>\n<li>The <a href=\"https:\/\/thefederalist.com\/2022\/03\/10\/with-inflation-at-its-highest-in-decades-congress-works-to-shovel-trillions-more-out-the-door-in-a-craptastic-omnibus\/\" target=\"_blank\" rel=\"noreferrer noopener\">omnibus spending legislation<\/a> enacted this March, which the CRFB analysis notes will increase discretionary spending by $625 billion over a decade, assuming the higher spending levels in the measure continue to rise with inflation.<\/li>\n<li>The infrastructure measure enacted last summer, which included <a href=\"https:\/\/thefederalist.com\/2021\/07\/21\/the-debate-over-infrastructure-funding-gimmicks-is-exactly-whats-wrong-with-washington\/\" target=\"_blank\" rel=\"noreferrer noopener\">several notable budget gimmicks<\/a> and according to CRFB will result in $370 billion of debt.<\/li>\n<li>Legislation regarding veterans\u2019 benefits (i.e., the \u201cburn pit bill\u201d) passed by Congress this summer, which will result in $280 billion in additional deficits and debt.<\/li>\n<li>The semiconductor legislation passed over the summer, which contained $80 billion in new automatic spending for various subsidized corporate projects.<\/li>\n<li>A total of $55 billion in supplemental spending since Russia invaded Ukraine earlier this year.<\/li>\n<\/ul>\n<p>These measures account for more than $1.4 trillion in new deficits and debt, even before one considers interest costs. Even if some of the projects included in the bills have merit, responsible lawmakers would have demanded spending reductions elsewhere in the budget to offset these new outlays.<\/p>\n<p><em>Partisan Legislation<\/em>: This bucket includes the two measures Democrats rammed through along party lines via the <a href=\"http:\/\/thefederalist.com\/2017\/05\/11\/need-know-budget-reconciliation-senate\/\">budget reconciliation process<\/a>, which allowed Senate Democrats to avoid a Republican filibuster. According to CRFB, the \u201cCovid relief\u201d measure Democrats enacted last year will add $1.85 trillion to the debt, while the \u201cInflation Reduction Act\u201d signed last month will reduce the debt by $240 billion.<\/p>\n<p>In addition to all the added spending above, CRFB calculates an additional $700 billion in estimated higher interest rate costs over the coming decade to arrive at its $4.8 trillion figure.<\/p>\n<h2><strong>Analysis Too Optimistic?<\/strong><\/h2>\n<p>Believe it or not, some would argue that the CRFB analysis doesn\u2019t go far enough when quantifying the effects of this administration\u2019s fiscal irresponsibility. For instance, the Penn-Wharton budget model <a href=\"https:\/\/budgetmodel.wharton.upenn.edu\/issues\/2022\/8\/26\/biden-student-loan-forgiveness\" target=\"_blank\" rel=\"noreferrer noopener\">concluded<\/a> that the cost of the Biden \u201cloan forgiveness\u201d program \u201ccould exceed $1 trillion,\u201d several hundred billion dollars more than the CRFB estimate.<\/p>\n<p>The CRFB analysis also takes the $240 billion of supposed deficit reduction from the \u201cInflation Reduction Act\u201d at face value, rather than looking behind some of the budget gimmicks and questionable assumptions in that law.<\/p>\n<p>It says something about the Democrats\u2019 agenda that nearly $5 trillion represents a conservative estimate of the amount that this administration\u2019s actions have added to the national debt. Republicans, who have no great history of cutting spending \u2014 either in this administration or <a href=\"http:\/\/thefederalist.com\/2017\/12\/04\/dear-congress-tax-rates-wont-ultimately-matter-never-cut-spending\/\" target=\"_blank\" rel=\"noreferrer noopener\">during the last one<\/a> \u2014 had better get ready to make some tough choices in the years ahead. Whether they want to or not, our country\u2019s dire fiscal situation will almost certainly require it.<\/p>\n<hr class=\"wp-block-separator\" \/>\n<div class=\"article-author-description fst-italic\">\n  Chris Jacobs is founder and CEO of Juniper Research Group, and author of the book, &#8220;<a href=\"https:\/\/www.amazon.com\/dp\/1645720020\">The Case Against Single Payer<\/a>.&#8221; He is on Twitter: <a href=\"http:\/\/www.twitter.com\/chrisjacobshc\">@chrisjacobsHC<\/a>. Previously he was a senior health policy analyst for the Texas Public Policy Foundation, a senior policy analyst in The Heritage Foundation\u2019s Center for Health Policy Studies, and a senior policy analyst with the Joint Economic Committee\u2019s Senate Republican staff. During the debate over the Patient Protection and Affordable Care Act, popularly known as Obamacare, Jacobs was a policy adviser for the House Republican Conference under then-Chairman Mike Pence. In the first two years of the law\u2019s implementation, he was a health policy analyst for the Senate Republican Policy Committee. Jacobs got his start on Capitol Hill as an intern for then-Rep. Pat Toomey (R-Pa.). He holds a bachelor\u2019s degree in political science and history from American University, where he is a part-time teacher of health policy. He currently resides in Washington, D.C.<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Why does inflation continue to plague American households? Part of the problem stems from monetary policies the Federal Reserve put into place as a stimulus response to Covid-19 and kept<\/p>\n","protected":false},"author":521,"featured_media":1650107,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1650105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1650105","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/521"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1650105"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1650105\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1650107"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1650105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1650105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1650105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}