NEWSMAX
Steve Forbes to Newsmax: Biden Thwarting Economic Revival
By Michael Katz | Thursday, 02 November 2023 10:06 PM EDT
Economist Steve Forbes, chair and editor-in-chief of Forbes Media, told Newsmax on Thursday the Biden administration is not doing enough to help a sluggish U.S. economy turn around.
On Monday, the Treasury Department announced it will be borrowing $776 billion over the final months of this year and another $816 billion in the first three months of 2024. The announcement came about a week after the government said the fiscal year 2023 budget deficit would be about $1.7 trillion, an increase of about $320 billion from the 2022 fiscal year.
Forbes told "Rob Schmitt Tonight" guest host Lara Trump, daughter-in-law of former President Donald Trump, that adding almost $1.6 trillion in government debt to an economy battling high inflation, housing, and consumer prices is not sustainable.
"Not when you have a weak economy," he said. "Not when you have people worried about the future. Not when you have businesses not making the investments they should make. That's new debt, that $1.6 trillion in the next two quarters. Next year, you also have more than $4 trillion of existing debt that has to be refinanced. You have to go back to the markets.
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READ MORE: https://www.newsmax.com/newsmax-tv/steve-forbes-u-s-economy-joe-biden/2023/11/02/id/1140811/
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