Take a look at the following chart of US Government spending as a percentage of GDP (the data goes all the way back to 1798)
Usually spending spikes during crises; the Civil War, WW1, WW2, the Great Financial Crisis of 2008/9, the covid pandemic.
But it's 2024, there isn't a crisis or a recession, but spending as a percentage of GDP is higher than in WW1 and the Great Financial Crash. Where is all the money going?
Part of it is going on interest payments on the debt which now exceed the defence budget.
But a big chunk of it is on Biden's green subsidies. These were supposed to help US manufacturers compete with China on green technology (electric vehicles, renewable energy).
The companies receiving this money are loving it of course. But there is no sign they're making much progress. Sales of electric vehicles are stalling as they are too expensive and depreciate in value very fast once driven off the forecourt.
When the Biden administration signed these subsidies into law, the Fed funds rate was 0.25%. The thinking was that the subsidies made sense as the govt could borrow much more cheaply than business, and would get the money back naturally through tax on increased profits.
But the govt is borrowing at 4% to 5%, and consumers can't afford to buy the cars as they've been clobbered by inflation and soaring interest rates on car loans.
Whoever the next President is, they'll have to cut programs like this to make the public finances more sustainable.