President Joe Biden's spending has contributed insult to injury. Since January 2020, he had spent no less than $6.82 trillion, which is larger than the whole U.S. GDP in 1993 when Bill Clinton became President. It is larger than the total national debt on September 11, 2001, which stood at $5.8 trillion. One of Osama bin Laden's plans on that day was to bankrupt the U.S. "We are continuing this policy in bleeding America to the point of bankruptcy. Allah willing, and nothing is too great for Allah," he announced in 2004. Consider that since it began, the War on Terror has cost $8 trillion — slightly above the President's nine-month total.
Our national debt is no longer sustainable. In recent years, some have dismissed the threat that our national debt poses to our national defense because of historically-low interest rates. Though the return of high inflation could drive the Federal Reserve to increase interest rates in a bid to curb inflation next year.
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Nations whose debt surpasses their GDP have the option of debasing their currencies to pay their debt. Next year the U.S. government will spend $562 billion on interest on the national debt.
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President Biden's overspending put his own Administration's defense budgetary target out of whack because its $715 billion defense budget increased just 2.2 percent from the year before. The current declared inflation rate stands at 6.8 percent.
The agreed-upon 2022 National Defense Authorization Act (NDAA) rose Biden's baseline to $740 billion. The current NDAA is built around a 3 percent inflation rate. If the current inflation trend continues, Congress would require to more than double its $25 billion increase in a final appropriations deal to roughly $50 billion to keep the Pentagon's buying power from eroding, a Hill source announced under the condition of anonymity.
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The Hill source warned that the Defense Department is more sensitive to inflationary pressures than other budgetary areas are. Building ships, tanks, planes, drones, and the like needs purchasing raw materials — the prices of which grow along with the costs of living for civilian employees and military service personnel. Democrats included just a $3 billion pay increase in their $25 billion increase to cover inflationary pressures for these men and women.
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