Biden says that he reduced the deficit by $1.4 Trillion

[TroglocratsRdumb]

ByAlexandra Hutzler
October 21, 2022, 12:04 PM

President Joe Biden took a victory lap on Friday on deficit reduction, framing new numbers as proof his economic agenda is working ahead of the midterm elections.

"Today, my administration announced that this year, the deficits fell by $1.4 trillion," Biden said, calling it, "the largest one year drop in American history."

The deficit fell to $1.4 trillion for fiscal year 2022 from $2.8 trillion a year ago, according to the Treasury Department. Federal spending also declined by $550 billion, an 8% drop from fiscal year 2021.

The reduction includes the cost of the administration's new plan to forgive some student loan debt, Biden said, which is estimated to add $430 billion to the deficit. The loan forgiveness program has been criticized by many Republicans, who say it's unfair to taxpayers and those who didn't attend college.

"Today we have further proof that we're rebuilding the economy in a responsible way," Biden said.

"If Republicans get their way, the deficit is going to soar, the tax burden is going to fall on the middle class and Republicans are working really hard," he said.

Biden touts 'record' deficit reduction, slams GOP's' economic plans ahead of midterms

Biden predicted that Democrats will be boosted by recent economic news, though polls show Republicans have an edge on the issue.

abcnews.go.com

Comment:
Do you believe Joe?
Do you believe that the Democrats are reducing spending?

 

[SassyIrishLass]

Absolutely nobody believes that

 

[pknopp]

By all accounts it did fall to half what it was last year. Now that is stated in a vacuum. One could note that Biden got very few of his programs passed and the ones that did were scaled back.

So yes, it did fall but it's difficult to give him credit for it.

 

[The Original Tree]

ByAlexandra Hutzler
October 21, 2022, 12:04 PM

President Joe Biden took a victory lap on Friday on deficit reduction, framing new numbers as proof his economic agenda is working ahead of the midterm elections.

"Today, my administration announced that this year, the deficits fell by $1.4 trillion," Biden said, calling it, "the largest one year drop in American history."

The deficit fell to $1.4 trillion for fiscal year 2022 from $2.8 trillion a year ago, according to the Treasury Department. Federal spending also declined by $550 billion, an 8% drop from fiscal year 2021.

The reduction includes the cost of the administration's new plan to forgive some student loan debt, Biden said, which is estimated to add $430 billion to the deficit. The loan forgiveness program has been criticized by many Republicans, who say it's unfair to taxpayers and those who didn't attend college.

"Today we have further proof that we're rebuilding the economy in a responsible way," Biden said.

"If Republicans get their way, the deficit is going to soar, the tax burden is going to fall on the middle class and Republicans are working really hard," he said.

Biden touts 'record' deficit reduction, slams GOP's' economic plans ahead of midterms

Biden predicted that Democrats will be boosted by recent economic news, though polls show Republicans have an edge on the issue.

abcnews.go.com

Comment:
Do you believe Joe?
Do you believe that the Democrats are reducing spending?

The fact the dirty diaper god can tell lies without even blinking means that not only is he senile but he must be pathologically insane or drugged up by his handlers.

 

[Mac1958]

By all accounts it did fall to half what it was last year. Now that is stated in a vacuum. One could note that Biden got very few of his programs passed and the ones that did were scaled back.

So yes, it did fall but it's difficult to give him credit for it.

Yep. In Normal World, we take things politicians say with a grain of salt until we see the actual, final numbers.

As opposed to cults, which believe everything the cult leader says, like IT'S THE GREATEST THING EVER, BELIEVE ME

 

[TroglocratsRdumb]

By all accounts it did fall to half what it was last year. Now that is stated in a vacuum. One could note that Biden got very few of his programs passed and the ones that did were scaled back.

So yes, it did fall but it's difficult to give him credit for it.

Is Biden calling spending less than what the Democrats proposed to spend a Deficit Reduction?

 

[pknopp]

Is Biden calling spending less than what the Democrats proposed to spend a Deficit Reduction?

Basically. And it is a reduction but it seems to me that Manchin should get the credit.

 

[Winston]

Is Biden calling spending less than what the Democrats proposed to spend a Deficit Reduction?

You guys are comically stupid. There are two sides to the federal budget, the income side and the spending side. This record breaking deficit is mostly due to income growth,

Soaring tax revenue, spending plunge spark record drop in budget deficit

The budget gap shrank by half in fiscal 2022 as spending on pandemic programs expired and tax revenues surged.

news.yahoo.com

The Committee for a Responsible Federal Budget attributed the decline entirely to shrinking or expiring spending programs enacted during the pandemic.

"Enacted during the pandemic", in other words, signed by Trump. The attempt to blame inflation on spending that hasn't even left the Treasury is just stupid. The spending that Trump and Republicans flooded the country with is finally sputtering to a stop. And to put icing on the cake, that 1.4 trillion dollar drop in the deficit actually COUNTS the cost of the student loan forgiveness program.

 

[Winston]

Basically. And it is a reduction but it seems to me that Manchin should get the credit.

We are talking the actual deficit, not projected deficits.

 

[22lcidw]

Yep. In Normal World, we take things politicians say with a grain of salt until we see the actual, final numbers.

As opposed to cults, which believe everything the cult leader says, like IT'S THE GREATEST THING EVER, BELIEVE ME

Its Progs who live in their blue wonderlands with a bit of fear and trepidation. And some will still keep voting for the psychopaths who are destroying their areas.

 

[Resnic]

You'd think at some point he would learn what the world moderation means.

Everytime he doesn't like something it's "the worst crisis we have ever faced and will be the end of the known universe."

Everytime he says he did something good then it's always "the biggest that's ever happened ever in the history of the universe".

 

[Nostra]

The Vegetable is bragging about a $1.4 TRILLION deficit?

What a clown.

 

[pknopp]

We are talking the actual deficit, not projected deficits.

Many of the things he refused to support would have still fallen in this time frame.

 

[TroglocratsRdumb]

You guys are comically stupid. There are two sides to the federal budget, the income side and the spending side. This record breaking deficit is mostly due to income growth,

Soaring tax revenue, spending plunge spark record drop in budget deficit

The budget gap shrank by half in fiscal 2022 as spending on pandemic programs expired and tax revenues surged.

news.yahoo.com

The Committee for a Responsible Federal Budget attributed the decline entirely to shrinking or expiring spending programs enacted during the pandemic.

"Enacted during the pandemic", in other words, signed by Trump. The attempt to blame inflation on spending that hasn't even left the Treasury is just stupid. The spending that Trump and Republicans flooded the country with is finally sputtering to a stop. And to put icing on the cake, that 1.4 trillion dollar drop in the deficit actually COUNTS the cost of the student loan forgiveness program.

Are you actually attempting to say that you believe Biden and the Dems have reduced spending?
wow lol
Don't choke on your Kool-Aid.

 

[Winston]

Are you actually attempting to say that you believe Biden and the Dems have reduced spending?
wow lol
Don't choke on your Kool-Aid.

I can read, sorry you can't.

The annual budget shortfall totaled $1.37 trillion, compared to $2.77 trillion in the previous fiscal year, the Treasury Department said Friday. That’s due in part to record high tax receipts, which jumped last year thanks to a strong economy that drew more people into the labor market, pushing up the amount the government collected in individual and corporate taxes. Federal spending also declined, as fewer people collected jobless benefits and other pandemic-related programs wound down.

 

[pknopp]

Are you actually attempting to say that you believe Biden and the Dems have reduced spending?
wow lol
Don't choke on your Kool-Aid.

They have but not because they didn't try and increase it.

 

[Synthaholic]

Absolutely nobody believes that

What you believe is irrelevant.

 

[toobfreak]

Biden says that he reduced the deficit by $1.4 Trillion​

Didn't you see him do it right after spending that 2.6 trillion?

You must have blinked.

You need to turn your head sideways and squint.

 

[BluesLegend]

Biden says that he reduced the deficit by $1.4 Trillion​

Biden is a big fat LIAR he says a lot of things. It would be hilarious to hook that guy up to a lie detector live on national tv.

 

[tyroneweaver]

ByAlexandra Hutzler
October 21, 2022, 12:04 PM

President Joe Biden took a victory lap on Friday on deficit reduction, framing new numbers as proof his economic agenda is working ahead of the midterm elections.

"Today, my administration announced that this year, the deficits fell by $1.4 trillion," Biden said, calling it, "the largest one year drop in American history."

The deficit fell to $1.4 trillion for fiscal year 2022 from $2.8 trillion a year ago, according to the Treasury Department. Federal spending also declined by $550 billion, an 8% drop from fiscal year 2021.

The reduction includes the cost of the administration's new plan to forgive some student loan debt, Biden said, which is estimated to add $430 billion to the deficit. The loan forgiveness program has been criticized by many Republicans, who say it's unfair to taxpayers and those who didn't attend college.

"Today we have further proof that we're rebuilding the economy in a responsible way," Biden said.
ac
"If Republicans get their way, the deficit is going to soar, the tax burden is going to fall on the middle class and Republicans are working really hard," he said.

Biden touts 'record' deficit reduction, slams GOP's' economic plans ahead of midterms

Biden predicted that Democrats will be boosted by recent economic news, though polls show Republicans have an edge on the issue.

abcnews.go.com

Comment:
Do you believe Joe?
Do you believe that the Democrats are reducing spending?

actually that is true. but by democrat design from 2023 on it goes up exponentially and there's probably nothing the gop can do about it
It was a clever ploy by the dems, and it will probably work b/c of peoples ignorance