by Peter Schiff, Schiff Gold:

The FY2020 budget deficit came in at $3.13 trillion. At some point, the US government will have to reckon with the debt and spending. But according to recent analysis from the nonpartisan Committee for a Responsible Budget, neither Trump nor Biden appear prepared to do so. In fact, its analysis shows Trump would only be slightly better than Biden when it comes to spending and debt.

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During the 2016 presidential campaign, Trump promised to deal with the skyrocketing national debt. In fact, he said he could take care of it “fairly quickly.” But during his four years in office, he didn’t even pay lip-service to reining in spending, instead, approving bigger outlays for both military and domestic spending.

Many will blame the coronavirus for the surging deficits. Pandemic-related spending certainly exacerbated the situation, the Uncle Sam had a spending problem long before the coronavirus reared its ugly head. In FY2019, the Trump administration ran a $984 billion deficit. At the time, it was the fifth-largest deficit in history. Through the first two months of fiscal 2020, the deficit was already 12% over 2019’s huge Obama-like number and was on track to eclipse $1 trillion.

The bottom line is that even before the pandemic, Trump was no deficit-hawk. And when it comes to the pandemic, he recently said he would like to see stimulus spending even bigger than the proposal championed by Nancy Pelosi.

Of course, Biden would likely be an even bigger spender. But as Brad Polumbo reported for FEE, the difference isn’t really as big as a lot of people think.

The following article by Brad Polumbo was originally published at FEE.org. Opinions expressed are his for your consideration and don’t necessarily reflect those of SchiffGold or Peter Schiff.

In our ultra-tribal politics today, both sides often frame elections as catastrophic. If the Bad Team™ wins in November, we’re told that everything will fall apart. But if the Good Guys™ are elected, then everything will be okay.

This narrative might help partisan activists drive voter turnout, but we just got even more proof that it isn’t based in reality. After all, the disastrous state of our public finance and runaway national debt is one of the most pressing issues facing our country. But a new report from the nonpartisan Committee for a Responsible Budget shows that we’re in trouble no matter which party wins the White House.

“Under current law, trillion-dollar annual budget deficits will become the new normal, even after the current public health emergency subsides,” the organization warns in its introduction.

“Meanwhile, the national debt is projected to exceed the post-World War II record high over the next four-year term and reach twice the size of the economy within 30 years,” the report reads. “Four major trust funds are also headed for insolvency, including the Highway and Medicare Hospital Insurance trust funds, within the next presidential term.”

Things are already bad—and they’re only getting worse.

The national debt just recently broke an astounding $27 trillion. That’s $216,000 per US taxpayer. The study analyzes the spending and tax proposals from President Trump’s reelection campaign and those of his Democratic rival Joe Biden to see how they would impact this crisis.

Turns out, prospects are bleak under either one.