• [ network ]
  • goatmatrix.net
  • gvid.tv
  • img.gvid.tv
  • games.gvid.tv
  • apps.gvid.tv
HomeUploadUpload DirectHotlinkRandomAbouttheme toggle
Expand

Biden Is Lying About the Deficit

Views:1005
@ReasonVids

During his State of the Union address in March, President Joe Biden claimed that "by the end of this year, the deficit will be down to less than half what it was before I took office—the only president ever to cut the deficit by more than $1 trillion in a single year.
------
https://reason.com/video/2022/07/06/bidens-policies-have-increased-not-reduced-future-budget-deficits/

Since then, he's claimed responsibility for "the largest reduction" in the federal deficit in history.

That claim, in short, is bullshit.

In fact, in the roughly 18 months since he took office, Biden's policies have only added to America's long-term budget deficit, which is getting worse and worse as government spending outpaces tax revenue.

What Biden is trying to do is take credit for expiring emergency spending measures. Because of the COVID-19 pandemic, the federal government ran an unprecedented $3.1 trillion deficit in 2020, which fell to a still-stratospheric $2.7 trillion deficit in 2021.

This year, with COVID spending largely off the books, the deficit is expected to fall to about $1.4 trillion—though we won't have a final figure until after the fiscal year ends on September 30.

If you eliminate outlier years like 1943, when the U.S. was embroiled in a global war, this year's budget deficit is likely to end up as one of the largest in American history even after adjusting for inflation.

So Biden doesn't really have anything to be bragging about.

As expiring COVID spending made our fiscal situation look better on the surface, Biden was busy adding $2.4 trillion to the long-term deficit, according to the Congressional Budget Office's most recent estimates.

That's due to Biden's American Rescue Plan, the bipartisan infrastructure package, and the $1.5 trillion federal budget that was passed in March. If the president's multi-trillion-dollar Build Back Better plan had become law, we'd been in even worse shape. 

On the chart below, the grey columns represent the projected deficits for the next 10 years when Biden took office. The red columns are the projected deficits a year and a half into his presidency. Biden can talk about reducing the deficit all he wants, but the truth is that he's added to it.

"The federal government's budget is on the road to hell," warned former Congressional Budget Office Director Douglas Holtz-Eakin back in 2011. That was before Presidents Barack Obama, Donald Trump, and now Joe Biden each went on a spending binge that has made our fiscal future even less stable.

Biden wants you to focus on just a small part of the overall picture. But the deficits for the past two years and this year are a misleading indicator of America's overall fiscal health.

And to claim that he has reduced the deficit is worse than misleading. It's an outright lie.

Graphics by Adani Samat and Isaac Reese. Edited by Regan Taylor. Written by Eric Boehm.

libertarian
,
reason magazine
,
reason.com
,
reason.tv
,
reasontv
    Thumbnail for Don’t Jail Trump for January 62:36
    Don’t Jail Trump for January 6
    ReasonVids
    1078 views
    Thumbnail for The Paris Accords Carbon Tax Exposed: How It Enslaves People. Shattering The Global Scam9:57
    The Paris Accords Carbon Tax Exposed: How It Enslaves People. Shattering The Global Scam
    bestofupgoat
    255 views
    Thumbnail for Wahmen playing video games was always a mistake 0:59
    Wahmen playing video games was always a mistake
    bestofupgoat
    570 views
    Thumbnail for Nigga Heil Hitler (Female version)3:00
    Nigga Heil Hitler (Female version)
    bestofupgoat
    168 views
    Thumbnail for Brutal but quick0:25
    Brutal but quick
    bestofupgoat
    433 views
    Thumbnail for Israeli PMs all have fake names2:33
    Israeli PMs all have fake names
    bestofupgoat
    166 views
    Thumbnail for L.A. May Day: Live from the nation's largest protest against Arizona's immigration law5:05
    L.A. May Day: Live from the nation's largest protest against Arizona's immigration law
    ReasonVids
    965 views
    Thumbnail for lllllookout world, here she comes! BTW is anyone missing a spare tire?0:11
    lllllookout world, here she comes! BTW is anyone missing a spare tire?
    bestofupgoat
    289 views
    Thumbnail for Nirvana's Krist Novoselic on Punk, Politics, & Why He Dumped the Dems55:45
    Nirvana's Krist Novoselic on Punk, Politics, & Why He Dumped the Dems
    ReasonVids
    1011 views
    Thumbnail for Doom - Episode 1: Knee-Deep in the Dead (Nightmare! 100% Secrets) | decino30:50
    Doom - Episode 1: Knee-Deep in the Dead (Nightmare! 100% Secrets) | decino
    doom.topic
    722 views
    Thumbnail for L.A. Finally Lets People Eat In Parking Lots13:13
    L.A. Finally Lets People Eat In Parking Lots
    ReasonVids
    979 views
    Thumbnail for Is Journalist Barrett Brown a Political Prisoner? Q&A with Free Barrett Brown's Kevin Gallagher9:07
    Is Journalist Barrett Brown a Political Prisoner? Q&A with Free Barrett Brown's Kevin Gallagher
    ReasonVids
    925 views
    Thumbnail for 3 Louisiana State Troopers suspended after WVUE Fox 8 News investigation | NOLA.com7:19
    3 Louisiana State Troopers suspended after WVUE Fox 8 News investigation | NOLA.com
    invidious
    336 views
    Thumbnail for You help pay for this woman’s lifestyle0:33
    You help pay for this woman’s lifestyle
    bestofupgoat
    101 views
    Thumbnail for Hero Driver Restores Order1:38
    Hero Driver Restores Order
    bestofupgoat
    134 views
    Thumbnail for FUCK YOU BLOODY BENCHOD BASTARD0:38
    FUCK YOU BLOODY BENCHOD BASTARD
    bestofupgoat
    459 views
    Thumbnail for The Billionaire & the Technocrat8:29
    The Billionaire & the Technocrat
    ReasonVids
    959 views
    Thumbnail for Remy: Putin (Salt-N-Pepa Parody)1:52
    Remy: Putin (Salt-N-Pepa Parody)
    ReasonVids
    969 views
    Thumbnail for How Big Government Backed Bad Science Made Americans Fat18:05
    How Big Government Backed Bad Science Made Americans Fat
    ReasonVids
    1053 views
    Thumbnail for No Fishing0:15
    No Fishing
    AOUisgay
    518 views
    Thumbnail for how could you possibly love white people so much?0:55
    how could you possibly love white people so much?
    bestofupgoat
    603 views
    Thumbnail for Alan Bock, rest in peace4:53
    Alan Bock, rest in peace
    ReasonVids
    756 views
    Thumbnail for How Federal Agents Can Legally Take Your Money at the Airport23:07
    How Federal Agents Can Legally Take Your Money at the Airport
    IJvids
    1020 views
    Thumbnail for Rep. Jeff Flake (R-Ariz.) on Immigration, Cuba, and the Future of the Republican Party27:46
    Rep. Jeff Flake (R-Ariz.) on Immigration, Cuba, and the Future of the Republican Party
    ReasonVids
    1000 views
    Thumbnail for We're Spending Too Much on Defense4:26
    We're Spending Too Much on Defense
    ReasonVids
    928 views

points

Permalink
Reply
libertarian
,
reason magazine
,
reason.com
,
reason.tv
,
reasontv
TOS  •  Add Keywords  •  Donate  •   Analytics  •   DMCA  •   Puzzle