“Rather than putting the debt on a stable and then downward path, the President’s budget would blow past the prior record and increase debt levels to 117% of GDP by 2031.

"Rather than putting the debt on a stable and then downward path, the President’s budget would blow past the prior record and increase debt levels to 117% of GDP by 2031.

The national debt is on an unsustainable path and headed to uncharted territory".https://t.co/9PR6EmatsS pic.twitter.com/UfBJonRcl2

— Daniel Lacalle (@dlacalle_IA) May 30, 2021

Biden's budget plan.

– Deficit soars with and without revenue measures. Debt 116% of GDP 2030 in optimistic scenario.
– Spending increase is mostly current spending with no real economic return.
– Tax hikes will likely hurt investment, job creation.
– Real GDP impact very weak pic.twitter.com/yvg3lCq4Lt

— Daniel Lacalle (@dlacalle_IA) May 29, 2021

Highest government debt as share of GDP, 2020.

Japan: 237%
Greece: 177%
Lebanon: 150%
Italy: 135%
Singapore: 126%
Portugal: 117%
Angola: 111%
Mozambique: 109%
US: 107%
Jamaica: 103%
Belgium: 98%
France: 98%
Congo: 98%
Cyprus: 95%
Spain: 95%
Bahrain: 93%
Jordan: 92%
Egypt: 90%

— Win Smart, CFA (@WinfieldSmart) April 4, 2021