For Joe Biden, government spending has no bottom.

There's always a student loan to 'forgive,' a green scheme to lose money on, or an illegal alien to offer a 'free' lifetime service package to. And bureaucrats to hire, lots and lots of bureaucrats...

As a result the U.S. deficit has hit record levels. 

According to the Treasury Department:

A deficit occurs when the federal government’s spending exceeds its revenues. The federal government has spent $1.06 trillion more than it has collected in fiscal year (FY 2024, resulting in a national deficit.

And the national debt? The Treasury Department says:

The national debt ($34.60 T) is the total amount of outstanding borrowing by the U.S. Federal Government accumulated over the nation’s history.

The U.S. recently reached a milestone marker of paying more on the interest from Joe's borrowings than it does on defense.

According to Yahoo! Finance:

Americans are familiar with the impact of higher interest rates, which are making it more expensive to carry credit card debt or buy homes and cars. But the federal government is also getting walloped: Spending on interest on U.S. debt is now the fastest growing part of the budget, and even projected to overtake national spending on defense this year.

Federal spending on interest payments is forecast to hit $870 billion this year — exceeding the $822 billion that the nation will spend on defense in 2024, according to a recent analysis by the Congressional Budget Office. This year's outlay for interest payments represents a 32% increase from last year's $659 billion in interest expense.

That's money down the toilet, money that could have been spent on providing every illegal with an even bigger free ride from the taxpayers, or maybe money that could be spent on schools, roads, or most important, tax cuts, so that those who earned the money could decide for themselves how to spend it.

It's hard to get the public excited about these unheard-of numbers most of the time, though they do pay attention to its natural byproduct, which is inflation. Inflation, as Milton Friedman has said, is "always and everywhere a monetary phenomenon," and Biden actually believes that Friedman "isn't running the show anymore" and the laws of economics have somehow changed. More government spending, more inflation. And while Joe says he's whipped inflation now, polls show that the public can see that inflation is still with us.

And so is the spending. It's so bad even the International Monetary Fund is warning the world about us.

According to the Financial Times:

The IMF has warned the US that its massive fiscal deficits have stoked inflation and pose “significant risks” for the global economy. The fund said in its benchmark Fiscal Monitor that it expected the US to record a fiscal deficit of 7.1 per cent next year — more than three times the 2 per cent average for other advanced economies.

There also was this:

On Tuesday, IMF chief economist Pierre-Olivier Gourinchas said the US’s fiscal position was “of particular concern”, suggesting it could complicate the Federal Reserve’s attempts to return inflation to its 2 per cent goal. “It raises short-term risks to the disinflation process, as well as longer-term fiscal and financial stability risks for the global economy,” he said. “Something will have to give.”

As economist Herbert Stein put it in "Stein's Law": "If something cannot go on forever, it will stop."

Which is quite a statement, particularly since it now comes from the IMF, an organization filled with euro-leftists who hate conservatives.

The FT itself is in their intellectual camp, and tried to make the case that the big danger was President Trump getting re-elected and cutting taxes.

Nope, the problem is that Joe cannot stop spending. Tax cuts would create economic growth and more revenue with which to pay back the Bidendebt. More Biden means more Biden spending and more Bidenflation, gradually and then suddenly, taking the U.S. all the way down the road to Argentina.

So while Biden says he's got inflation under control, the claims are garbage. His other claim, that the U.S. is doing better than other countries' economies is even bigger garbage, because the IMF isn't warning the world about most of them. That the U.S. holds a benchmark dollar-reserve currency status is bound to keep dissipating as the value of the dollar falls and U.S. is no longer seen as a reliable place to park money.  The Fed reportedly wants to get back to hiking rates again and back the new inflation will come, even before the old inflation has gone away.

Sound like a pretty picture? When you've got even the IMF warning about you and your spendthrift ways, there's little doubt there's a problem.

Republicans should hammer this home in this coming election campaign and stay as far away as possible from the spendathon. If we can get Rand Paul to lead the Senate come November, this lunacy will stop.

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