How Much National Debt Is Too Much? America May Soon Be At It's Tipping Point
PNW - Last week, President Biden pitched a new plan to Americans before a joint session of Congress: more spending.
The just-released $1.8 trillion plan, presented just weeks after Biden signed a $1.9 trillion in COVID relief spending into law, includes "free" community college as well as universal preschool for all three and four-year-olds.
"Mr. Biden could usher in a new era that fundamentally expands the size and role of the federal government," The New York Times reported.
How Much Debt Is Bearable?
The announcement comes months after the Congressional Budget Office released a report projecting a $2.3 trillion deficit in 2021.
Biden's plan will almost certainly make the deficit worse. Though the plan contains various tax increases to fund its programs, the taxes are likely to fall well short of government outlays, economists say.
"The laws of economics are more.....READ MORE
Keeping You Informed of World Events From A Biblical Perspective