by Doug Bandow
The American Institute for Economic Research
Virtually no one in Washington even pretends to be concerned about federal spending and deficits anymore. The Biden administration is going wild as the U.S. nears the debt-to-GDP record set after World War II.
Under President George W. Bush he and Congress increased domestic outlays faster than during Lyndon Johnson’s “Great Society.” President Barack Obama spread bailouts far and wide and won congressional approval for a vast expansion of federal health care benefits. President Donald Trump enthusiastically pushed the welfare/warfare state.
Now President Biden is following his predecessor while outdoing all of them. There were trillions in Covid-19 relief even though the economy was already recovering.