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- Feb 16, 2016
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Debunking Biden’s deficit claims, one by one
Debunking Biden’s deficit claims, one by one
American families are suffering from high inflation and lower real wages, direct consequences of irresponsible government spending.
thehill.com
The tale President Joe Biden tells is that his “Bidenomics” had a positive impact on the economy by reducing the budget deficit and getting inflation under control.
The problem is that it’s just not true.
On the one hand, we have the claims made by the White House and the Treasury, but on the other hand, we have the cold hard facts.
Unfortunately for the White House, the final budget data for fiscal year 2023 tells the story of out-of-control spending, even outpacing rising revenues, and the devastating effects that can have on an economy through inflation.
As we examine any president’s impact on economic policy, a key tool is the non-partisan Congressional Budget Office (CBO) forecast. It shows what was projected under the laws that existed immediately before Biden’s inauguration in January 2021. When we compare that to the actual fiscal situation, we can assess the impact a president has had.
- Federal spending last year was nearly $1 trillion higher than projections made before the Biden presidency. Remember that the next time you hear President Biden claim that he has reduced the deficit.
- Leading the way in driving spending higher were $659 billion in interest payments, which exceeded the original forecast by an astonishing 137 percent.
- Interest costs surpassed expectations significantly due to both interest rates and the amount of debt being financed surging past what was anticipated back in 2021.
American families are suffering from high inflation and lower real wages, direct consequences of irresponsible government spending.
House Speaker Mike Johnson’s (R-La.) refusal to accept further spending hikes is a commonsense first step to restoring fiscal responsibility. To get the economy and the budget on track, lawmakers must remain steadfast in their efforts to reverse the curse of overspending and the national debt.
Commentary:
Hmm..., Democrat "New Speak". The deficit has been reduced because Joe Biden did not get as much to spend from Congress that he wanted.
The National Debt increased $2 trillion in the 28 weeks between 15 June and 29 Dec of 2023 and Biden wants more.