Former Housing and Urban Development Secretary Ben Carson just said that President Joe Biden’s $6 trillion budget is leading the U.S down the economic path to becoming the next ‘Argentina or Venezuela,’ countries that have hyperinflation rates and unstable politics. The U.S Federal Debt chart, from 1900 to 2050, is even on track to remain above World War II levels for years.
With annual deficits on the rise since 2015, the unveiled budget proposal would break the deficit record. This year’s projected deficit would be set at $3.7 trillion and drop to $1.8 trillion next year. Carson said that Biden’s plan would add to the national debt, which would soon reach $30 trillion and cause inflation to rocket, ultimately pushing the cost of living for many Americans.
“The sad part to me, having spent my entire professional career as a pediatric neurosurgeon and being concerned about the welfare of children is seeing what we are doing to their future. These things can be done without consequences and it was Thomas Jefferson who said it is immoral to steal from future generations. It’s exactly what we are doing, creating mounds of amazing debt that somebody is going to have to do with,” Carson said.
Carson, who is also a retired pediatric neurosurgeon, said that Biden’s budget would hurt the future of America’s children by creating “mountains of debt and deficit” while ushering in inflation. He said you have to look at the impact of flooding the system with money and not having an equivalent abundance of services and goods.
“It’s almost as if we have read all the books and we have said, yes, we too want to have the same problems that Argentina had and that Venezuelan had, and all the countries who did the same thing had somehow we are going to be different,” Dr. Carson said.
Argentine has been a prime example of a puzzling economic situation, as one of the wealthiest countries in the early 20th century suffered a dramatic reversal due to political instability. The country suffered high inflation, repeated defaults on the national debt, and has declined in its standards of living.
Venezuela has also been in a state of economic collapse since the mid-2010s and steering the government agenda in a socialist direction. The country currently has a 90% poverty rate and has suffered intense hyperinflation rates, some estimated as high as 80,000% annually in recent years. Carson said that the average American is too smart to get themselves into the same “monstrous” problems as Venezuela, but that we are making the same mistake anyways.
While acting White House budget chief Shalanda Young insists that the Biden plan grows the economy and creates jobs, others have insisted that his ‘tax and spend’ agenda would damage the economy and impose a crushing debt on the younger generation of Americans.
Veteran GOP Sen. Richard Shelby has also blasted Biden’s budget, saying it is a blueprint for higher taxes and excessive spending. Like all presidential budgets, it’s simply a proposal. And it’s up to Congress to stop the disaster before the debt matches the size of the economy. Biden doesn’t care if his budget crushes the economy and takes possession of everything. That’s the Swamp’s plan.