Joe Biden has issued a whopping 99 executive orders since he assumed office that could add more than $1.5 trillion to the greater than $31 trillion federal debt burden that already saddles U.S. taxpayers, according to a budgetary expert.
Heritage Foundation analyst Matthew Dickerson told Fox News that Biden’s executive actions have “cost taxpayers more than $1 trillion so far” when only considering the federal student loan forgiveness order.
He added that the “nonpartisan Congressional Budget Office produced an analysis showing that less than ten of Biden’s earlier executive actions cost taxpayers already more than $500 billion.” That easily pushes the cost of Biden’s executive actions up to or above $1.5 trillion.
Biden nears 100 executive orders estimated to cost taxpayers almost $1.5 trillion, the most of any president since Gerald R. Ford. https://t.co/BZy0xv1GaE
— ⚜️ Ellen Carmichael ⚜️ (@ellencarmichael) September 19, 2022
Most of Biden’s huge number of executive orders came during his first year in the White House, when he issued more orders than any president since Gerald Ford in the 1970s.
Each executive order comes with a “budgetary impact analysis,” but that vague calculation does not include actual monetary costs of executive actions. They simply assess whether an order will increase, decrease, or have no effect on federal spending.
The student loan handout announced last month was estimated to cost more than $500 million initially. However, economic modeling by the Penn Wharton Business School now shows the costs could run to more than $1 trillion.
Dickerson pointed out that the money spent through executive orders is just another form of federal spending “by fiat.” He said that it has the effect on inflation that any form of federal spending does. It leads to new borrowing from the Federal Reserve, which of course simply prints up the money it lends to the government.
Dickerson pointed out that the executive orders have dangerous secondary effects on inflation as well, as they are “specifically aimed at reducing the supply of labor and goods and services.” He noted that some of Biden’s orders have operated to expand “the welfare state” and continue to “pay people to stay out of the workforce.”
He added that those orders are “only exacerbating the 3.3 million worker shortage that we see in the economy.”
A secretive nongovernment organization has had an outsized role in promoting several of Biden’s executive orders and regulatory instructions. Governing for Impact (GFI) has been funded with almost $13 million from billionaire globalist George Soros and has been pushing executive action from behind the scenes.
GFI has proudly claimed in internal memos that it has seen more than 20 of its agenda items implemented by Biden. GFI is primarily directed toward reversing deregulatory actions taken during the Trump administration.