The US’ federal budget deficit is expected to skyrocket to about $2 trillion for fiscal year 2023 that ends on September 30, almost double as compared to what it was last year, a government watchdog group has estimated.
The Committee for a Responsible Federal Budget (CRFB) said that the projected increase would come amid higher interest rates and lower tax revenue.
When asked about the cause of the US’ budget deficit growth, Rodney Shakespeare referred to “the fundamental problems” of the US economy, which he said include “a narrow ownership of capital and the profound grip which a corrupt banking system has on the economy and society.”
“Moreover, there is the huge expenditure on American aggression and neocolonial domination around the world (they call it ‘defense and democracy’) plus the billions of dollars now being endlessly shoveled into Ukraine and the eastward expansion of NATO,” the political commentator emphasized.
He warned that “the huge expected deficit of $2 trillion will have many nasty consequences, including:
a collapsing infrastructure e.g., bridges and water supply
restriction of welfare and health programs
more inflation
high interest rates for everyday Americans (as the government tries, but fails, to restrain the inevitable inflation)
an even larger [budget] deficit in the future”
Separately, Shakespeare commented on US President Joe Biden’s recent claims that the so-called Bidenomics “is working”, and that it is “a blue-collar blueprint for America.”
"My plan for the country is to make the economy work for people like you, because when it works for people like you, it works for everybody,” Biden added during Labor Day earlier this week.
“Biden’s ‘plan’ is to forward financialization (which has very little to do with blue-collar production) and the interests of the military-industrial complex and the billionaires because both the complex and the billionaires put huge sums of money into the Democratic and Republican parties and into the pockets of the US politicians,” Shakespeare pointed out.
The political commentator rejected POTUS’ allegations that Bidenomics “is working”, stressing that “the high levels of support for [former US President] Donald Trump (who only opportunistically claims to represent the interests of blue-collar workers) are really acts of political desperation by a disillusioned populace which has been betrayed by the Democrats.”
“Moreover, there is the huge expenditure on American aggression and neocolonial domination around the world (they call it ‘defense and democracy’) plus the billions of dollars now being endlessly shoveled into Ukraine and the eastward expansion of NATO,” the analyst concluded.