Joe Biden says “Extreme Maga Republicans” want to wreck the economy by cutting federal spending. And yet, it is his administration’s blowout budgets that are extreme. Never in this country’s history, with the exception of two emergencies — World War II and COVID — have we spent taxpayer money so recklessly.

Consider: in just the past three months, the federal debt of the United States jumped by $1 trillion. The U.S. now owes $34 trillion, up from $33 trillion at the end of September. For reference, it took 198 years of borrowing for the government to rack up its first trillion dollars of debt; that milestone was first reached in 1981.

Putting that gargantuan figure in context, debt held by the public in 1981 amounted to about 25 percent of GDP; today’s debt amounts to more than 100 percent of GDP. Our debt is bigger than the entire economy of every single country in the world but the U.S. and China.

The Peterson Foundation further puts our debt in perspective, noting that “$34 trillion is enough to cover a public four-year degree for every graduating high-school student for 106 years.”

This should worry everyone. There’s a reason that Fitch Ratings downgraded United States’ credit rating from “AAA” to “AA ” last year, several years after S&P made the same decision. The last ratings agency still awarding U.S. debt its platinum rating is Moody’s; last year they lowered the outlook to “negative” from “stable,” citing a drop in “debt affordability.”

© The Hill