Joe Biden’s Misleading Claims On Deficit Reduction

Joe-biden-misleading-claims-on-deficit-reduction

The President of the United States, Joe Biden, tweeted on Sunday, We’re investing in America and reducing the deficit at the same time. 

We cut the deficit by $1.7 trillion over the first two years of my administration. And the budget deal I negotiated reduces it by an additional trillion dollars. The biggest decrease in American history is something that the White House has already bragged about.

However, Joe Biden’s portrayal of himself as some sort of economic magician who has managed to cut the deficit by unheard-of numbers is tremendously deceptive.

It is true that the deficit shrunk between 2020 and 2022, but Joe Biden’s purportedly brilliant policymaking had nothing to do with it.

Commence in 2020. 2020 saw the biggest deficit in American history as a result of massive, albeit brief, spending in reaction to COVID-19. 

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COVID-19-Related Spending And Impact On Federal Deficit

Joe-biden-misleading-claims-on-deficit-reduction
The President of the United States, Joe Biden, tweeted on Sunday, We’re investing in America and reducing the deficit at the same time.

The $2.2 trillion CARES Act was passed into law in late March 2020, just as the epidemic started, with support from both Republicans and Democrats. A second $900 billion rescue measure was then approved and signed into law in December. 

The federal government regularly spends more than it takes in in tax income, and since 2001, these two enormous spending packages were added to that total.

Democrats enacted additional large spending packages even as inflation started to increase at the beginning of the year, resulting in a $2.77 trillion deficit in 2021.

By the time we reached 2022, the year Joe Biden used to compare the deficits of 2020 and 2022 in order to support his claim that he is financially responsible, the deficit had grown to $1.38 trillion, and the epidemic had mostly ended. 

As a result, COVID-19-related spending that had gotten out of hand was likewise over. This meant that the absurd deficits caused by that spending decreased. But whichever the president, this was going to happen.

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Source: washingtonexaminer.com

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