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Thanks to President Joe Biden’s aggressive tax-and-spend agenda, the United States hit a historically high debt ceiling of $31.4 trillion. This figure is unprecedented, and economists are scrambling to predict its consequences.
The latest debt ceiling deal suspends the debt ceiling—with no cap—until 2025. What’s worse: The current federal debt doesn’t hold a candle to the new gross national debt pitched in Biden’s budget plan for the 2024 fiscal year. Under the Democrats’ proposal, the national debt will surge from $31.4 trillion to a mammoth $51 trillion in less than a decade.
To put $51 trillion into perspective: The U.S. debt as a percentage of gross domestic product (GDP) will bloat to a record 110 percent—shattering all debt-to-GDP records since the 1940s. The…