Before leaving office, Joe Biden racked up a staggering $300 billion in last-minute spending—forcing Donald Trump to step in and clean up the mess. According to insiders, Team Trump is now battling not just political opponents and Wall Street jitters but also a financial crisis triggered by what some call a reckless attempt to boost the economy before the 2024 election.
The motive? To prop up Kamala Harris’s failed presidential bid by making things look rosier than they really were. But while voters rejected Harris, the economic fallout from Biden’s spending spree is now impossible to ignore.
Trump’s team has been crunching the numbers, and the damage ranges between $250 billion and $300 billion. Wall Street analysts confirm these estimates, pointing out that Biden’s administration temporarily masked the crisis by rolling over short-term debt instead of issuing long-term bonds. If they had, interest rates would have skyrocketed, stocks would have tanked, and a full-blown recession might have followed.
Now, Trump’s administration faces tough choices. They’re still rolling over short-term debt to avoid shocking the financial markets, but they’re also banking on deep budget cuts—including those led by Elon Musk’s so-called “DOGE team”—to rein in spending and prevent a catastrophic rise in interest rates.
With the national debt sitting at an eye-watering $37 trillion and an annual deficit nearing $2 trillion, Trump’s economic strategy hinges on tariffs, spending cuts, and deregulation to balance the books. His team believes these moves will reduce the deficit by $500 billion, stabilize interest rates, and ultimately fuel long-term growth.
Had Harris won, the situation could have been even worse. Markets had already begun signaling a recession before Trump took office, and analysts say the 10-year bond yield—which affects everything from mortgage rates to credit cards—was surging toward 5% in response to Biden’s spending spree. Since Trump’s return, that number has started to retreat, indicating that investors see hope in his approach.
Biden, now in retirement, has remained silent on the economic chaos he left behind. But if he ever wakes up from his political slumber, one question remains: Was trying to get Kamala Harris elected really worth this massive financial mess?
