Trump and Obama signed off on the two most fiscally irresponsible periods in post-war history, and Biden two years in looks set to join them.
The Executive is supposed to be a check on irresponsible spending. But both Trump and Obama went right along with it instead of vetoing the outrageous spending of the periods.
What else do they have in common?
Two crises, both of which plunged the country into hysteria.
The Great Financial Crisis did not begin to end until March 2009 when the FASB signaled its intent to suspend mark-to-market rules. The stock market bottomed almost immediately, but as with all cases of mass hysteria it took time for the panic to pass as other sectors recovered "one by one".
The Pandemic Crisis gripped the country in March 2020, sending millions home from work, stocks plunging, toilet paper into shortage, businesses into bankruptcy, and on and on. With just about everyone vaccinated who was going to be by the end of 2021, the country gradually started to come out of it in 2022, eschewing jabs, masks, and social distancing as it became clear that the Omicron variant was infecting tens of millions despite all those measures.
2020 was the single most fiscally irresponsible year in the post-war since 1953. Federal expenditures, bloated by panicked bailouts, outpaced tax revenues by a whopping 216%.
Only 2009 comes close, at 210%, the second worst year on record.
Third, not shown, was 2010 at 196%, and fourth, not shown, was 2021 at 176%, each a part of the respective crisis periods.
Do you know what else those two years share in common?
Spending bills must originate in the House of Representatives.
In 2009 and 2020 its Speaker just happened to be the same person, as she was in 2010 and 2021.
Nancy Pelosi owns the four most fiscally irresponsible years in the entire history of the post-war. Her two speakerships literally busted out all over.
