Recently, Truth in Accounting (TIA), a nonprofit think tank, released a new report on the financial condition of the United States, “State of the Union 2021” (Financial According to the report, the federal government’s debt burden is $123.1 trillion, with each federal taxpayer carrying a burden of $796,000, giving the federal government an “F” grade for financial health.
The report notes that the U.S. finances deteriorated by nearly $10 trillion in 2020, with most of the debt being 55.1 trillion for universal health care and 41.2 trillion for social benefits; the pandemic of Wuhan pneumonia (Chinese communist virus, New Coronavirus, COVID-19) also exacerbated the deterioration in federal finances, and “the government had to borrow money to survive the pandemic. “
The U.S. is clearly not in a good financial position right now, but at a time when the Biden administration wants to pursue another infrastructure plan with a budget of $2.3 trillion, Republican Rep. Jason Smith, ” said, “Washington Democrats are embracing a disturbing appetite for spending.”
“They just passed a nearly $2 trillion bailout bill. President Biden is now proposing that they go back and write another $2 trillion check to spend on a massive, comprehensive policy.”
The construction plan, which proposes to revive the U.S. economy and combat climate change by upgrading infrastructure, is being attempted by Democrats to pass in the coming months; in addition to that, Smith revealed that Biden has another proposal in hand for $2 trillion in spending.
The U.S. fiscal situation is clearly bleak, but the Biden administration also wants to pursue an infrastructure plan with a budget of up to $2.3 trillion.
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