As to the cumulative effects of these policies, the budget resolution itself tells the tale, with its projected estimates of the total national debt over the coming decade:
(5) PUBLIC DEBT.—Pursuant to section 4 301(a)(5) of the Congressional Budget Act of 1974 (2 U.S.C. 632(a)(5)), the appropriate levels of the public debt are as follows:
Fiscal year 2021: $29,943,000,000,000.
Fiscal year 2022: $31,647,000,000,000.
Fiscal year 2023: $32,911,000,000,000.
Fiscal year 2024: $34,102,000,000,000.
Fiscal year 2025: $35,262,000,000,000.
Fiscal year 2026: $36,311,000,000,000.
Fiscal year 2027: $37,261,000,000,000.
Fiscal year 2028: $38,443,000,000,000.
Fiscal year 2029: $39,652,000,000,000.
Fiscal year 2030: $41,068,000,000,000.
To provide some sense of perspective, the most recent gross domestic product estimates show the size of the American economy at $21.5 trillion on an annual basis. In other words, our total national debt (including IOUs placed in the Medicare and Social Security Trust Funds) already exceeds the size of our economy. A decade from now—after an additional $13.6 trillion in deficits under the Democrat budget—our debt will approach twice the size of our economy now.
Contra Biden circa 2009, that’s not “spending money to keep from going bankrupt”—that’s already bankrupt.
