As the nation gears up for Election Day, there is looming concern over the growing federal deficit, which currently sits just over $3 trillion, mainly as a result of COVID-19 sweeping the country. But as it stands, whichever presidential candidate is declared winner, big government spending is likely to continue as the economy looks to climb its way out of the hole.
This year alone, the federal government has tabbed up nearly $4.9 trillion in spending and is on track to hit $6.6 trillion.
Trump vs. Biden Spending Plans
For President Donald Trump, a win in the election would likely mean a continuation of record spending under his administration. In the first two years of his term, Trump widened the federal deficit to 4.3 percent, largely due, in part, to tax cuts. Now, with coronavirus cases spiking nationwide and concerns over the second wave crashing on the U.S., the president has publicly pushed for an additional round of stimulus that would pump $1.8 trillion into the economy which would include another round of one-time payments of $1,200.
Biden, meanwhile, has outlined a plan that calls for $5 trillion in government spending over the next 10 years, making it the most expensive budget plan in recent history. In fact, the plan is more than twice the size of Hillary Clinton’s 2016 proposal.
While the deficit would balloon, the plan would provide local and state governments with more than $700 billion to boost job growth. The former VP also looks to pour funds into housing, clean energy, education, and tech.
What Does Big Government Spending Mean For You?
While the nation’s deficit reaches landmark levels, Americans might not feel the impact just yet. However, if the government is unable to pay its debt, the value of the American dollar could drop significantly, essentially triggering inflation. Everyday shopping necessities like gas and groceries could see a jump in prices.
If a vaccine to combat COVID-19 becomes widely-distributed, big government spending would likely reverse from its current rate since much of it is linked to aiding struggling industries amid the pandemic.
Andrew Cuomo is reportedly planning his comeback. According to the Wall Street Journal, the former New York governor and his aides are considering how to make his first public appearance since he abruptly resigned last August amid sexual harassment allegations. Jake Lahut, politics reporter for Insider, joined Cheddar's Opening Bell to discuss Cuomo's potential return to politics.
The pressure is on for UK Prime Minister Boris Johnson - after his closest aides handed in their resignations this week.
It comes after a report found that 16 parties had taken place at Downing Street while Covid lockdown protocols were in place in the region. Ari Aramesh, Attorney & National Security/Foreign Policy Analyst joined Cheddar's Opening Bell to discuss.
President Biden has ordered about 3,000 U.S. troops to Eastern Europe as Russia refuses to back off its pressure on Ukraine. The deployments to Poland, Germany, and Romania are a show of support to NATO allies concerned about a potential Russian invasion of Ukraine. This is in addition to the 8,500 troops put on high alert. David Tafuri, former Obama campaign foreign policy advisor and former State Department official, joined Cheddar to discuss what this move means for U.S.-Russia relations.
After tennis player Peng Shuai made an explicit sexual assault allegation toward a former Chinese government official, she disappeared from the public eye. Her recent reappearance with the IOC alongside a Chinese Olympic committee official raised eyebrows and renewed concerns for her safety. Asian affairs expert Gordon Chang, author of "The Coming Collapse of China," joined Wake Up With Cheddar to discuss Peng Shuai's retraction and the various human rights controversies swirling at the Beijing games. "It's clear that the IOC was working with Beijing to make sure that she did not express herself freely," Chang said. "So really this is the IOC being complicit in these mechanisms of control over Peng."
The opening ceremony of the 2022 winter Olympics has kicked off at the Beijing national stadium. 150,000 spectators are in attendance for the games inside the 'closed loop' system separating Olympic personnel from the public. Cheddar News spoke with Brian Cazenueve, Sports Illustrated contributor, to share the highlights you may have missed and much more.
The Biden Administration is set to revise federal rules to address potential security risks from foreign-owned apps, mainly Tiktok. This comes after the White House opted not to pursue a forced shutdown of the Chinese-owned video sharing platform. Under these new rules, federal oversight would be expanded to explicitly include apps that could be used by foreign adversaries to steal or otherwise obtain data. Senior Fellow at the Foundation for Defense of Democracies, Craig Singleton, joined Cheddar to discuss more.
Although this week's weather is predicted to be less severe than the 2021 storm, Texans are preparing for the worst - stocking up on supplies and emptying shelves in grocery stores, once again. Some Texans still have not recovered from last year's tragedy, and are heading into the next few weeks with anxiety for what's to come. Leslie Beyer, CEO of the Houston-based energy workforce & technology council, joins Cheddar News to discuss if the Texas grid will fail again.
Student loan debt continues to be a major concern for tens of millions of Americans who collectively owe about $1.7 trillion. Black college students often take on larger amounts of student debt in order to pay for a higher education. In turn, they are more likely to struggle post-graduation with repaying their debt, creating a racial wealth gap divide. Andre Perry, senior fellow at Brookings Institution joined All Hands to help break down the black student debt crisis.
After two NYPD officers were killed with an illegal gun, President Biden made a trip to New York City to speak on the issue of gun violence fed by the "iron pipeline" of illegal firearms that make their way from the South to the Big Apple. Kris Brown, the president of the gun violence prevention organization Brady United, joined Cheddar to discuss what this visit from the president could mean for the future of gun laws in America. "He's asked Congress to pass things like expanding the Brady background check system, but with the filibuster a barrier to so much action right now in the Congress, he's looking at solutions that involve funding at the federal level and really involve enforcement."
