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Still More Evidence That Bidenomics Is ‘Working’

Thirteen days after President Joe Biden told the nation that “Bidenomics is working,” the Congressional Budget Office released a report showing just how well it’s working – bankrupting the country far faster than anyone expected.

The report looks at spending and revenues for the first nine months of this fiscal year, which started in October. What it reveals is remarkable, both because it shows how reckless the Biden administration has been with spending and how it’s sapped the economy of strength.

The topline number is that the federal deficit so far this fiscal year has already topped $1.4 trillion, which is $875 billion higher than the same months last year and bigger than the deficit for all of fiscal year 2022.

The CBO finds that overall spending this year is running 10% higher than last year. At the same time, revenues are down 11% compared with last year, which defies claims by the administration that the economy is strong.

Source: Congressional Budget Office. I&I Chart

In June alone, spending was up $97 billion compared with June 2022, while revenues were down $40 billion. The result was a 56% increase in June’s deficit.

Look a little deeper and the numbers are even more disturbing. The CBO notes that the huge increase in spending this year came despite the fact that COVID-related outlays – tax credits, grants to states, and public health spending – plunged $265 billion.

What’s more, the CBO shows that a huge portion of the spending increases are directly the fault of the Biden administration. Bidenflation helped push Social Security spending up 11% and Medicare 17% this year. Meanwhile, the Fed’s attempts to rein in inflation hiked interest payments on the national debt by $135 billion – a 37% increase. The bank failures that Bidenomics unleashed added $52 billion in Federal Deposit Insurance Corporation (FDIC) spending. And Biden’s student loan bailouts added $22 billion to education spending (a 15% year-over-year increase).

On the revenue side, income tax revenue plunged 21% in the first nine months of this fiscal year, while corporate income taxes were flat. Both suggest an economy that is much worse than we’re being told.

The nation’s fiscal picture is also worse than the CBO had expected at the start of this year.

“Receipts collected through June 2023,” it said, “were about $300 billion less than CBO projected, mainly because of smaller-than-anticipated collections of individual and corporate income taxes.” The deficit is already above what the CBO had projected for all of fiscal 2023.

Biden and his team of handlers think they can gaslight the country by repeating the mantra about a strong economy, 30 million new jobs, and $1.7 trillion in deficit reductions. It’s easy for Biden to get away with this because he knows the mainstream press will eagerly play along.

But numbers don’t lie. And unless economic ruin is Biden’s goal, Bidenomics is an unmitigated disaster.

— Written by the I&I Editorial Board

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I & I Editorial Board

The Issues and Insights Editorial Board has decades of experience in journalism, commentary and public policy.


  • Biden is doing a fantastic job – of killing the American economy!.

    He couldn’t be doing a better job than he is!

  • How about a little perspective?
    Were you also outraged in 2020 when Trump’s deficits for the first nine months of the fiscal year were very high? They were almost double Biden’s current deficit.

    9 Month
    FYTD Revenues Spending Deficits
    Trump 2019 $2,609 $3,356 -$747
    2020 $2,260 $5,004 -$2,744

    Biden 2022 $3,835 $4,351 -$515
    2023 $3,413 $4,805 -$1,393

    A little balance in your articles / opinion pieces would be refreshing.

    • Idiots tend to forget that in 2020 we were in the ill advised shut down, You could Blame Trump but Pence was in charge of the COVID response and the NIH and CDC lied the asses off to Trump.

      • Ooh … I forgot. Trump can’t be blamed for anything. There’s always someone or something else to blame. Of course the Pandemic did a lot of damage to the economy and we are still recovering from that. But it is becoming more difficult to argue that Biden’s economy is a disaster. GDP is up, employment is stable, real wages are increasing, inflation is coming down, consumers are spending, the stock market is going up, etc. I am sure that I&I and other right-wing media will continue to try to polarize our democracy. Do your own research and you’ll find the truth.

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