In fiscal year 2022 the feds spent $6.27 trillion on income of $4.9 trillion leaving a deficit of $1.37 trillion – a hole that represents 28% of revenue. What has Biden done to mitigate spending and bring it in line with receipts? NOTHING. And that’s the deadlock. Where did it go? During 2021 fiscal year during the height of the Pandemic, the government spent $6.8 trillion which included $1.1 trillion pandemic costs, paycheck protection CoVid = $290 billion, $733 billion in CoVid recovery payments and credits, and Unemployment due to CoVid of $392 billion. All of these disappeared in the 2022 budget. But the impact left Taxpayers holding 100% of federal debt compared to an average of just 46% for the previous 50 years!
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