Biden Says the Deficit Is Falling. Actually, It’s Rising.
The president now brags that he cut the deficit!
“We’re on track,” he says, to have “the biggest decline in a single year ever in American history.”
It’s actually true.
But utterly deceitful.
President Joe Biden’s deficit will be down from last year, but that’s only because he spent such gargantuan amounts then.
For once, the media did not take his remarks at face value. Even CNN ran a “fact check” that quoted a Moody’s Analytics director saying, “The actions of the administration and Congress have undoubtedly resulted in higher deficits, not smaller ones.”
Much higher. Despite record tax revenues from last year’s booming stock markets, our national debt will increase by about $1 trillion.
Sadly, most people don’t care. These big numbers are too abstract. This will not end well.
During former President Barack Obama’s administration, I complained about his irresponsible spending. Obama practically doubled our debt.
What a relief it was when former President Donald Trump was elected! He looked at the budget and said, “There’s a lot of fat in there!” He promised he’d “cut spending, big-league!”
Foolishly, I believed him. But Trump cut almost nothing. He bragged that his military spending set “an all-time record.”
Congress was partly to blame, but under Trump, our debt rose by another third.
Never trust politicians.
Last year, Biden made things much worse. He signed a $1.9 trillion COVID-19 relief law, saying he was “giving peo
Article from Reason.com