Laughable… But for some, believable?
Today Mr. Biden is out touting the “historic deficit reduction” led by his administration. Like that’s a good thing? On the surface, it is. But just how completely ignorant does he believe his base really is? Seriously? To quote a Bidenism, “I’m serious … not a joke.”
Let’s make sure, for those of us that might be tilting our heads a bit at the moment: National DEBT is the accumulating amount of money we have continually borrowed to finance our government’s over-spending, year on year. Annual budget DEFICITs are the differences between inbound revenues and outbound expenditures. With Biden our deficits are mounting and we are now approaching $32 Trillion dollars in debt.
Let’s visit history:
- Bush added $4.3 trillion to the debt; stabilizing the banking crisis caused by the subprime loan / foreclosure debacle accounted for almost 50% of that number in the last 18 months of his presidency.
- Obama added $9.5 trillion to the debt, driven by a continuation of TARP and then massive spending programs like the “shovel ready projects” and “cash for clunkers”.
- Trump added $7 trillion to the debt, but was only at $2 trillion before covid hit in his last year. Another $5 trillion went out in covid stimulus, PPP, and money stabilize the economy when they shut down.
- 2 years into his presidency, Biden is now at $5 trillion in increased debt, due to the largely panned additional “American Rescue Plan” ($2T), the “Infrastructure Plan” (another $2.3T), the “Inflation Reduction Act” (which is a massive list of green new deal spending – go read it!! Another $740B, with tax increases across ALL income groups), and other massive spending activities like student loan forgiveness.
So, to be crystal clear, the “historic deficit reduction” Biden is now bragging about on camera, today, is simply a slow-down in the historic over-spending. His administration is still way-over-spending… way, way over-spending. But when the Federal tax revenues are almost $4 trillion, and you spend almost DOUBLE that in a year (Biden’s first 12 months), then only spend $2 trillion over the revenues in the next year, then yes – it is less of a deficit. But the core issue still remains, in that we have completely overheated the economy and pushed head-long into a recession all by printing far too much money.
You fix this by cutting spending to level below federal revenues, to start paying down DEBT. Deficits should be reduced to the point of elimination; said another away, they should not exist. Covid happens. Wars happen. Those impact spending negatively. But after that, you roll back spending. Period.
Votes matter. Fiscal conservatism is a thing. Our national debt grows by $1,000,000 every roughly 42 seconds. Inflation is a real thing – not caused by sheiks, not caused by big oil or big tech, not caused by Putin, not caused by markets and Wall Street; inflation’s number one cause has been and will always be linked to money supply. We have incredibly over-supplied money to the markets (as have many other nations, this is true), and borrowed all of it. So, if you want historic news to tout, Joe, why not tout tightening of the spending belts to historic lows? “I’m serious … not a joke.”
