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.
Members of Congress have voted to advance a bill meant to address antitrust concerns related to tech giants including Amazon, Apple, Google, and Meta. The 'American Innovation and Choice Online Act' is largely seen as one of the best chances for the government to reign in Big Tech's dominance
Seth Schachner, Managing Director StratAmericas; Digital Business Executive joined Cheddar's Opening Bell to discuss.
American semiconductor company, Intel officially announcing plans to build a new $20 billion chip manufacturing complex outside Columbus, Ohio. This comes as the global chip shortage continues to hamper production of everything from smart phones, to cars. Jennifer Smith - Logistics and Supply Chain Reporter, WSJ joined Cheddar's Opening Bell to discuss.
The U.S. has put more than 8,000 American troops on high alert for possible deployment to Eastern Europe as the West prepares for a potential Russian invasion of Ukraine. With Russia building up more than 100,000 troops near the Ukrainian border, concerns over the country's behavior are mounting. Joel Rubin, Former Deputy Assistant Secretary of State and President of the Washington Strategy Group, joined Cheddar to discuss what this means for U.S.-Russia relations, and where the conflict might be heading next.
As the midterm election looms, things aren't looking too promising for President Joe Biden. One year into his term as president, Biden is facing one of the lowest approval ratings of any modern-day president, threatening his party's control of the House in 2022. Brian Bennett, Senior White House Correspondent for TIME, joined Cheddar's Opening Bell to discuss.
A full one year into his term as President of The United States, President Biden addressed the nation on Wednesday, facing questions on everything from inflation to chip shortages and covid-19. As Biden enters his second year in office, he is facing one of the lowest approval ratings of any modern-day president. Kate Davidson, Reporter, POLITICO joined Cheddar's Opening Bell to discuss.
"Barbara Lee: Speaking Truth to Power" is the story of how the longtime House Democrat became, as she Is known to some, as "the Conscience of Congress." The film also
shows Representative Lee from her days working to fight community poverty to famously becoming the only member of Congress to vote "no" against the war in Afghanistan days after 9/11. The film is nominated for an NAACP Image Award, and Premieres on Starz on February 1. Film director Abby Ginzberg and Rep. Barbara Lee (D-Calif. 13th District), joined Cheddar to discuss more.
San Diego has just implemented a new law that could set the stage for how the country deals with food waste. This new law hopes to make a dent in that. Businesses and groceries stores out in San Diego will need to put a plan in place to *donate edible food rather than toss it straight to the trash. Food Rescue Manager at Feeding San Diego, Kate Garret
Earlier this month, New York City experienced one of the deadliest fires it has seen in decades. 17 people lost their lives in the Fordham section of the Bronx. This was due to a faulty space heater which reportedly began on the lower floor of the 120 unit building. Thanks to the F. D. N. Y. And heroic neighbors, many were able to get out in time. Unfortunately, the toxic smoke surged upwards through a safety door. Now, many advocates say negligence by policymakers and landlords has led to the deaths in black and brown communities from fires that honestly could have been preventable. Legislative Director of Citizen Action of New York, Rebecca Garrard, and the Chair of Journalism and New Media Studies at St. Joseph's College Theodore Hamm, joined Cheddar to discuss more.
The Supreme Court has declined to order the Texas Abortion case back to the original trial judge for further proceedings. Essentially if Texas abortion providers were able to get their case back to the lower court., It would have greatly helped the group move against the law. However, this decision is likely to prolong the case legal battle. Professor and Author of "The Turnaway Study: Ten Years, a Thousand Women, and the Consequences of Having — Or Being Denied — An Abortion", Diane Foster, joined Cheddar to discuss more.
The Supreme Court rejected yet another bid by abortion providers to block Texas's law - which bans most abortions after six weeks of pregnancy. This is the fourth time that advocates have tried and failed to block the most restrictive abortion ban in the country. Leah Litman, assistant professor of law at The University of Michigan and co-host of the "Strict Scrutiny" podcast, joins Cheddar News to discuss.
