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
If we were to shut the border, and stop paying every illegal to invade our country, as well as paying for their hospital stays, that would save billions a year alone. When Congress only passes bills that only contain specific allocations of money, and not everyone’s pet projects, there’s billions more.
All Progressives lie. It is a requirement to join the cult.
the budget process has become a total farce
Biden is continuing Trump’s disastrous spending spree.
Based on the CBO data, Biden isn’t just continuing it, he’s making it far worse.
The only spike in deficits under Trump were Covid relief which was a bi-partisan effort to deal with the unknown threat from Covid. Otherwise, the first three years of Trump’s term the deficits were below average and due to entitlement deficits.
ou cannot take two CBO 10-year projections (2021 and 2023) and make a such a comparision.
“When President Trump entered the Oval Office, CBO projected the cumulative 2017–2027 budget deficits would be $10.0 trillion. When he left office four years later, CBO’s projected deficits for the same period were $13.9 trillion. “
AP just had an article, “Biden’s empathy shapes policy, some don’t feel it” In it they tell a story about how Biden learned of some community had a playground in terrible shape, and he reached into the treasury and handed out $10 million to fix the problem. AP presented this as a sign of his empathy. I see it as a sign that we don’t spend money according to the constitution. Congress is supposed to make laws appropriating money. Instead, Congress has created slush funds that people can reach into to pay off the people who will vote for them.
With the media standing by to cheer on this lawlessness, there won’t be any motivation to stop this.
You cannot take two CBO 10-year projections (2021 and 2023) and make a such a comparision.
“When President Trump entered the Oval Office, CBO projected the cumulative 2017–2027 budget deficits would be $10.0 trillion. When he left office four years later, CBO’s projected deficits for the same period were $13.9 trillion. “
yes Trump increased the deficit as a result of new policies implemented. Are you forgetting the global pandemic?
Always remember that Joe had help in this debacle from Mitch McConnell and his 20 traitors to the GOP.
“…dig the nation so deep into a hole that it will be difficult, if not impossible, to climb out.”
That horse left the barn so long ago it still had toes.
You mean the 3 trillion $ that McConnell and Romney handed him on a silver platter???