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for the first time ever on Monday. How concerned should Americans be over the country’s financial situation?deemed President Biden the “$2 trillion deficit man” while stating that the federal deficit this fiscal year is estimated to be “$1.7 trillion, or about $13,500 for every U.S. household.” The board highlighted the amount of money spent servicing these debts, writing, “A third of the current deficit is going to pay interest on money borrowed for previous spending blowouts.
Biden’s soaring deficit comes despite a growing economy, and that spending on his Inflation Reduction Act and infrastructure law will accelerate in coming years.”argued that while accruing debt is “sometimes prudent” to address national crises, the current level of borrowing is “increasingly unsustainable.” In the wake of rising interest rates on debt, the board argued, “It is imperative for the nation’s leaders to chart a new course.
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