The Obama administration was once defined by low growth and high spending. When Obama took office, our debt-to-GDP ratio was around 90 percent. Today, it has passed 105 percent.
While high debt is always a risk, you can to some extent outrun it with high growth. Under President Trump, while spending increased, it was partially offset by relatively high growth. The Obama years were bad for our economy, but our debt was low enough that we were able to avoid economic collapse.
Neither of these would be the case under a Biden administration. Our total national debt is higher than ever in peace-time, and Biden’s plan will only raise it dramatically further. He’s proposing over $5 trillion in new spending and the largest tax increase in 70 years.
Low growth, high debt and a growing tax burden: that’s a very dangerous combination, and that’s exactly what we should expect from a Biden presidency.