Peter's Blog

The Government Doesn’t Actually Budget

President Biden has proposed a borrow and spend “to infinity and beyond” budget featuring $6 trillion in government spending. That’s the largest amount of spending ever proposed in a presidential budget. It’s not accurate to call it a “budget.” The federal government has given up on actual budgeting.

The Biden Budget: Borrow and Spend to Infinity and Beyond

President Joe Biden released his 2022 budget this week. The $6 trillion spending plan offers a glimpse into Biden’s long-term fiscal strategy – borrow and spend to infinity and beyond. The Biden budget would take the US to its highest sustained spending levels since World War II. And here you thought the pandemic emergency was […]

The US Government’s Net Worth Comes in at Negative $21.5 Trillion

The net worth of the US comes in at negative $21.5 trillion. This according to the Financial Report of the United States Government recently released by the Treasury Department.

Interest Payments on Federal Debt on Pace to Eclipse Social Security Outlays

At the current trajectory, the cost of paying the annual interest on the US debt will equal the annual cost of Social Security within 30 years, according to a recent report released by the Congressional Budget Office. By 2048, as interest rates rise from their currently low levels and as debt accumulates, the federal government’s […]