Cashing Out: Biden Administration Races to Spend Billions

With only a few months before a new administration, possibly a Republican one, takes over the White House, the Biden administration is having a last-minute spending spree. A new report details how the administration is scrambling to spend billions of dollars on green energy and climate initiatives that have been allocated over the last three-plus years. That includes things like expanded wind energy projects, several billion for rural electric cooperatives, a new marine sanctuary, and reducing greenhouse gas emissions in tribal communities.

This falls under the old federal government rule of spend-it-or-lose-it. That's why they want to hurry up and shovel that money out the door before a possible Trump administration (or Republican Congress) can claw it back. All of this is happening while Vice President Kamala Harris is promising to crack down on high prices and inflation "on day one" by going after "corporate greed" and "price gouging."

Economists point out that our current financial situation is not due to corporate greed or price gouging, it's due to uncontrolled government spending. Fox Business Anchor Stuart Varney recently sounded the alarm about the growing national deficit, which has not only caused higher prices but threatens a greater financial crisis. Varney notes the deficit has grown by $1.5 trillion just in the last ten months. "It really should not be like this...when the economy is growing and unemployment is low, the red ink should be shrinking," he says. "But it's not, it's growing...and by the end of the fiscal year we will have borrowed another $250 billion in just seven weeks."

While Harris claims she'll go after "price gougers," she's likely to spend even more than Biden if she gets into office. "She wants 'affordable healthcare'---you know what that means, huge subsidies with taxpayer money," says Varney. "She wants 'affordable childcare'-- well it's only affordable if the government pays for it...and she wants the Green New Deal---there goes another trillion or three of your taxpayer dollars."