{"id":353806,"date":"2021-10-16T15:04:07","date_gmt":"2021-10-16T12:04:07","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bidens-trillion-dollar-budget-will-lead-to-financial-collapse\/"},"modified":"2021-10-16T15:04:07","modified_gmt":"2021-10-16T12:04:07","slug":"bidens-trillion-dollar-budget-will-lead-to-financial-collapse","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bidens-trillion-dollar-budget-will-lead-to-financial-collapse\/","title":{"rendered":"#Biden\u2019s trillion-dollar budget will lead to financial collapse"},"content":{"rendered":"<p>&#8220;<strong>#Biden\u2019s trillion-dollar budget will lead to financial collapse<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p><a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Social<\/a> Security is the single most expensive program the federal government runs. By itself, Social Security already accounts for a quarter of every dollar Washington spends.\u00a0<\/p>\n<p>And even all that spending isn\u2019t enough: Social Security\u2019s \u201cunfunded liabilities\u201d \u2014 how much money the government would need today to make up the difference between the money that will be paid into Social Security in the future and the benefits that have been promised \u2014 is <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.truthinaccounting.org\/library\/doclib\/Financial-State-of-the-Union-2019.pdf\">about $40 trillion<\/a>.\u00a0<\/p>\n<p>How much is $40 trillion? It is <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.marketwatch.com\/story\/this-is-how-much-money-exists-in-the-entire-world-in-one-chart-2015-12-18\">all the money in the world<\/a> \u2014 literally: All the cash in circulation, plus all the deposits in checking accounts and savings accounts, adds up to about $40 trillion. That is a big hole to climb out of.\u00a0<\/p>\n<p>And now Social Security payments are about to go up by 6 percent. The reason? Social Security payments are linked to inflation.\u00a0<\/p>\n<p>When prices go up, so do Social Security payments. Seniors will enjoy the extra money, but problem is that raising Social Security payments to match inflation is likely to cause more inflation, necessitating another increase in Social Security payments, which will cause yet more inflation. Et cetera.\u00a0<\/p>\n<p>In normal times, when there is a sudden influx of new money into the economy, businesses respond by increasing production, assuming that consumers will want to spend that money on new products or on more of what they\u2019re already buying. But right now, a combination of factors \u2014 supply-chain disruptions, the global shipping backlog, factory closures abroad, labor shortages \u2014 have businesses struggling, often unsuccessfully, to keep up with current demand.\u00a0<\/p>\n<p>So, instead of producing more, they raise prices. That\u2019s what h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ens when you get more money chasing the same supply of goods \u2014 or a smaller supply.\u00a0<\/p>\n<p>You can see the evidence of this all around you: In markets ranging from pickup trucks to luxury wristwatches to toys for Christmas, prices are sky-high and inventories are low or nonexistent. You can expect to wait months for delivery of a Toyota 4Runner, and some people who ordered 2021 models months ago will never receive them. But the crunch is not just a problem for people buying nice new cars: Costco has reimposed purchasing limits on bottled water and toilet paper.\u00a0<\/p>\n<p>And then there\u2019s the debt.\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/cargo-ship.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"During the current global shipping backlog, people are spending more money for the same \u2014 or even smaller \u2014 number of goods.\" class=\"wp-image-19818193\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/cargo-ship.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/cargo-ship.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/cargo-ship.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>During the current global shipping backlog, people are spending more money for the same \u2014 or even smaller \u2014 number of goods.<\/figcaption><figcaption><span class=\"credit\">Alamy<\/span><\/figcaption><\/figure>\n<p>Just as inflation can cause more inflation, one of the biggest drivers of today\u2019s budget deficits are yesterday\u2019s budget deficits. The federal government is currently spending more than half a trillion dollars a year on interest payments for money borrowed in the past \u2014 money that already has been spent. That\u2019s more than we spend on <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nationalpriorities.org\/budget-basics\/federal-budget-101\/spending\/\">any cabinet agency except<\/a> the Department of Defense \u2014 and the cost of interest payments is getting close to that. We are something like the fool who uses a new credit card to pay his old credit card without ever paying down the debt, instead adding to it every day.\u00a0<\/p>\n<p>No one will take responsibility for this.\u00a0<\/p>\n<p>The annual cost of our interest payments <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cbo.gov\/publication\/56910\">grew by $100 billion<\/a> over the course of Donald Trump\u2019s presidency, while Joe Biden and his congressional enablers are working overtime to do even worse. Republican Congresses and Democratic Congresses both have been to blame.\u00a0<\/p>\n<p>When Donald Trump was elected in 2016, he was, to put it mildly, a different kind of Republican. The self-proclaimed \u201cKing of Debt\u201d had very little interest in balancing the budget, and he was adamantly opposed to reforming Social Security and other popular middle-class entitlements, in spite of their ruinous cost. Trump did not cause the deficits and unfunded liabilities that piled up during his presidency, but he did give Republicans permission to quit pretending that they care about balancing the budget and instead join with the Democrats in the spending orgy.\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/elderly-couple-money.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Increased social security payments will make seniors happy. But they also lead to greater inflation.\" class=\"wp-image-19818248\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/elderly-couple-money.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/elderly-couple-money.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/elderly-couple-money.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Increased social security payments will make seniors happy. But they also lead to greater inflation.<\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<p>The result is that there is at present no one of any consequence in Washington with a mind to set our fiscal affairs in order.\u00a0<\/p>\n<p>When all the money in the world isn\u2019t enough to make good on our promises, it is time to think fearfully about Stein\u2019s Law, named for economist Herbert Stein: \u201cIf something cannot go on forever, it will stop.\u201d\u00a0<\/p>\n<p>Our budget <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a> is one part musical chairs, one part Russian roulette, and somebody is going to have to lose when the music stops.\u00a0<\/p>\n<p><em>Kevin D. Williamson is the author of \u201cBig White Ghetto: Dead Broke, Stone-Cold Stupid, and High on Rage in the Dank Woolly Wilds of the \u2018Real America\u2019.\u201d\u00a0<\/em>\n                        <\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2021\/10\/16\/bidens-trillion-dollar-budget-will-lead-to-financial-collapse\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Biden\u2019s trillion-dollar budget will lead to financial collapse&#8221; Social Security is the single most expensive program the federal government runs. By itself, Social Security already accounts for a quarter of every dollar Washington spends.\u00a0 And even all that spending isn\u2019t enough: Social Security\u2019s \u201cunfunded liabilities\u201d \u2014 how much money the government would need today to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":353807,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/joe-biden-budget-deficit.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[117622,51697,76816,991,4947,71694,87204],"class_list":["post-353806","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-10-16-21","tag-budget","tag-federal-budget","tag-joe-biden","tag-opinion","tag-social-security","tag-u-s-debt"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/353806","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=353806"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/353806\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/353807"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=353806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=353806"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=353806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}