While spending the country into ruin, President Joe Biden likes to portray himself as a fiscal conservative who has cut the deficit in half in the past two years. But a new report from the non-partisan Congressional Budget Office shows just how big a lie this is — a 5 1/2 trillion dollar lie, to be exact.
During his State of the Union speech last week, Biden not only claimed that “my administration has cut the deficit by more than $1.7 trillion — the largest deficit reduction in American history,” he also claimed that he’s a miser compared to Donald Trump. “Under the previous administration, the American deficit went up four years in a row. … Nearly 25% of the entire national debt that took over 200 years to accumulate was added by just one administration alone — the last one,” he said.
“They’re the facts. Check it out. Check it out.”
Well, we checked it out. And it is perhaps the most flagrant of all Biden’s lies. The evidence shows that Biden is, in fact, the most fiscally reckless president in history.
Days after Biden’s speech, the CBO released its latest 10-year forecast for the federal budget. What it reveals is that Biden sharply increased the deficit last year, this year, and next year, and he has set the country on course to add a total of $5.45 trillion to the federal deficit over the following decade.
How do we know this? Because two years ago, when the CBO released its 2021 budget forecast, it did so before any of Biden’s policies had been enacted. That report assumed that the laws in place at the end of President Donald Trump’s term remained in effect for the next decade. So, it serves as a baseline against which we can measure the impact of Biden’s policies.
Here’s what the numbers show:
In January 2021, the CBO projected the federal red ink that year would be $2.3 trillion. The actual deficit was $2.8 trillion. For those math-challenged journalists who keep parroting Biden’s lie about cutting the deficit, that’s an increase of $517 billion.
He added $320 billion to the deficit in 2022, and will add $447 billion this year, CBO data show.
And, if Biden’s policies are left in place through 2031, deficits will be $5.45 trillion higher than they would have been had Trump’s policies remained in effect. (See the chart at the top of the page.)
You can’t blame the exploding deficit on the Trump tax cuts. Before Biden took office, the CBO’s “baseline” forecast for total federal revenues over the next decade was $49 trillion. Now it’s $55 trillion. That’s a $6 trillion increase.
You can’t blame the exploding deficit on the economy, either. The CBO’s current forecast for economic growth over the next decade is actually slightly higher than it was when Biden took office.
No. The massive increase in deficits under Biden has one cause and one cause only: spending. Biden’s policies from just his first two years are projected to increase federal spending from 2022-2031 by an eye-popping $12 trillion, the CBO data show.
No matter what the Gaslighter in Chief says, these are the facts, folks.
When it comes to the deficit, the only thing Biden has achieved is to dig the nation so deep into a hole that it will be difficult, if not impossible, to climb out.
— Written by the I&I Editorial Board