Sleepy Joe’s Good Day for Peace……NOT!

You can count on Sleepy Joe to get it upside down. Upon signing the $95 billion OFAA (Omnibus Foreign Aid Abomination), he averred it was a great day for most of humankind:

“It’s a good day for America, it’s a good day for Europe and it’s a good day for world peace,” Biden said.

The hell it was? What it actually amounts to is a UniParty reach for more war in Europe, more war in the Middle East, more war in the Far East and endless war on the American taxpayer and the remnants of middle-class prosperity in America.

As to the latter, the chart below is what official Washington should be staring in the face each and every time it even thinks about more spending—and most especially of the variety like today’s OFAA that is utterly unnecessary and unjustified.

To wit, this antiseptic looking chart from CBO’s latest long-term (30 year) outlook says that the public debt will keep on steadily climbing until it reaches 166% of GDP by 2054.  That’s just a ratio, of course, yet even the direction of the trend-line looks worrisome enough.

But actually, it is far, far worse. That’s because the good folks at the CBO are terrified to print the numbers in good old greenback terms for fear of causing coronary arrest within such shrinking corridors of sanity as remain on Capitol Hill. So, let us specify what it is the CBO dares not to print.

During the 15 years between the pre-crisis peak in FY 2008 and FY 2023, fiscal year GDP rose from $14.8 trillion to $26.9 trillion or by 4.0% per annum. That’s no great shakes in historical terms but given the US economy’s affliction with faltering labor force growth, tepid productivity gains and soaring debt burdens in both the public and private sectors, it might well be taken as a pretty optimistic benchmark for the decades ahead.

In fact, that’s exactly what CBO hopes for, projecting nominal GDP growth of exactly 4.0% per annum over FY2024 to FY 2034, and then slightly lower gains of 3.7% per annum during the two decades ending in FY 2054.