Recently, President Joe Biden mentioned that he’s managed to reduce the deficit by $1.7 Trillion which the White House backed up as “the largest decline in American History.”
Though, people have their doubts for such a bold claim given his previous track record of claims.
At the beginning of 2020, the deficit was at its highest due to spending all funds toward pre-COVID-19 precautionary measures and other things, causing inflation and a financial crisis in the country.
As a response, former President Donald Trump signed the costly $2.2 Trillion Coronavirus Aid, Relief, and Economic Security Act (CARES) due to economic fallout.
Additionally, he also signed the $900 Billion relief bill. Due to these expenses, the 2021 deficit reached around $2.77 Trillion which worsened due to Democrats passing more expensive bills.
This regular spending caused further problems in the country’s development during pre and the actual pandemic, which would only worsened post-pandemic.
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New Normal Beginning
By the year Biden became the official President of America, the deficit was reduced to just $1.38 Trillion since the pandemic was over and they weren’t blowing their budget on relief packages.
Data shows that the current American President didn’t do anything that caused the deficit to lower, and that his office reign’s deficit is way worse compared to previous presidents.
Instead, he brought a new era through a new normal deficit spending post-pandemic.
They didn’t need to spend as much to pass bills and pay for pandemic relief goods.
American citizens have always felt doubtful of Biden’s fiscal abilities to make economic policies due to his past claims.
These claims such as about inflation and more have been debunked, and less people have been trusting him for the later years. They want a leader they can trust and relay honest information to them.
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Source: Washington Examiner
