We're extra screwed, because not only is all our *old* borrowing now coming up for renewal at higher interest rates, but once we experience a level of spending we seem small-c constitutionally unable to reduce that. Politicians brag if they reduce the yearly deficit just a little bit.
Even our "one time" COVID spending has become the new …
We're extra screwed, because not only is all our *old* borrowing now coming up for renewal at higher interest rates, but once we experience a level of spending we seem small-c constitutionally unable to reduce that. Politicians brag if they reduce the yearly deficit just a little bit.
Even our "one time" COVID spending has become the new baseline.
For the annual spending to go from $3T to $4T took from 2008 to 2017.
Then $4.1T and $4.4T in 2018 and 2019. 2020 it exploded, obviously, to $6.5T.
It was arguable to keep in going in 2021 to $6.8T. In 2022 we came back down to $6.2T, and then in 2023 around $6.1T.
The Republicans used to talk about reform and suffer electorally while not delivering. Trump realized that was electorally stupid so he just said he'll fix everything and got votes.
We're extra screwed, because not only is all our *old* borrowing now coming up for renewal at higher interest rates, but once we experience a level of spending we seem small-c constitutionally unable to reduce that. Politicians brag if they reduce the yearly deficit just a little bit.
Even our "one time" COVID spending has become the new baseline.
For the annual spending to go from $3T to $4T took from 2008 to 2017.
Then $4.1T and $4.4T in 2018 and 2019. 2020 it exploded, obviously, to $6.5T.
It was arguable to keep in going in 2021 to $6.8T. In 2022 we came back down to $6.2T, and then in 2023 around $6.1T.
The Republicans used to talk about reform and suffer electorally while not delivering. Trump realized that was electorally stupid so he just said he'll fix everything and got votes.