{"id":1412052,"date":"2022-03-31T07:59:40","date_gmt":"2022-03-31T11:59:40","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1412052"},"modified":"2022-03-31T07:59:43","modified_gmt":"2022-03-31T11:59:43","slug":"terrence-p-jeffrey-bidens-budget-lies","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/terrence-p-jeffrey-bidens-budget-lies\/","title":{"rendered":"Terrence P. Jeffrey: Biden\u2019s Budget Lies"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">12<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fterrence-p-jeffrey-bidens-budget-lies%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1412052&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p>&#8220;Show me your budget, and I&#8217;ll tell you what you value.&#8221;<\/p>\n<p>When releasing his fiscal 2023 budget proposal on Monday, President Joe Biden said this was something his father had told him.<\/p>\n<p>He then made a claim about a &#8220;value&#8221; his budget proposal purportedly advances.<\/p>\n<p>&#8220;The first value is fiscal responsibility,&#8221; Biden said.<\/p>\n<p>That is a lie.<\/p>\n<p>In his speech, Biden elaborated on this lie.<\/p>\n<p>&#8220;The previous administration, as you all know, ran up record budget deficits. In fact, the deficit went up every year under my predecessor,&#8221; he said.<\/p>\n<p>&#8220;My administration is turning that around,&#8221; Biden continued.<\/p>\n<p>&#8220;Last year,&#8221; he said, &#8220;we cut the deficit by more than $350 billion. This year, we&#8217;re on track to cut the deficit by more than $1.3 trillion. $1.3 trillion. That would be the largest one-year reduction in the deficit in U.S. history.&#8221;<\/p>\n<p>But what do the Treasury&#8217;s official numbers actually tell us about the recent history of federal spending and deficits?<\/p>\n<p>In the first three years of the Trump administration, the deficit grew \u2014 but never exceeded $1 trillion. In fiscal 2017, it was $665,826,000,000. In fiscal 2018, it was $778,996,000,000. In fiscal 2019, it was $984,388,000,000.<\/p>\n<p>To be sure, these were very high deficits. But they were less than what Biden has planned for post-COVID America.<\/p>\n<p>In fiscal 2019, before the pandemic, the federal government spent $4,446,611,000,000. But, in fiscal 2020, with the pandemic on, federal spending climbed to $6,551,872,000,000 \u2014 a one-year increase of $2,105,261,000,000. The deficit that year jumped to a record $3,131,917,000,000.<\/p>\n<p>In fiscal 2021, the fiscal year in which Biden took office, government spending increased again to $6,821,532,000,000 and the deficit was $2,775,553,000,000.<\/p>\n<p>This decline in the deficit from a pandemic-period record of $3,131,917,000,000 to a still-astronomical $2,775,553,000,000 is what Biden was talking about when he said, &#8220;Last year, we cut the deficit by more than $350 billion.&#8221;<\/p>\n<p>This year, the administration estimates the deficit will be $1,415,000,000,000. That is what Biden meant when he said, &#8220;This year, we&#8217;re on track to cut the deficit by more than $1.3 trillion.&#8221;<\/p>\n<p>Now, Biden has proposed a budget that projects continuing annual deficits of more than $1 trillion \u2014 in the post-pandemic era.<\/p>\n<p>He will not bring the deficit back down, for example, to the $778,996,000,000 deficit that the federal government ran in fiscal 2018, which was the first full fiscal year President Donald Trump was in office. <\/p>\n<p>As of Monday, the total federal debt was $30,316,415,445,123.62. $6,512,008,255,649.32 of that was in what the Treasury calls &#8220;intragovernmental holdings.&#8221; That consists largely of money the Treasury has borrowed from the Social Security trust fund to pay current expenses that have nothing to do with Social Security.<\/p>\n<p>The other $23,804,407,189,474.30 in federal debt consists of what the Treasury calls &#8220;debt held by the public.&#8221; This is debt that has been financed through the sale of Treasury securities.<\/p>\n<p>Under Biden&#8217;s budget proposal, what is going to happen to this $23.8 trillion in &#8220;debt held by the public&#8221;? Will it be paid off? No. Will it be paid down? No.<\/p>\n<p>According to Table S-10 in Biden&#8217;s proposal, it is going to grow to $39.542 trillion by 2032. That is an increase of approximately $15.738 trillion from what the debt was Monday.<\/p>\n<p>In fiscal 2023, according to the estimates Biden published in Table S-10 of his budget proposal, the federal debt held by the public will grow by $1.197 trillion. In each of the nine years after that, it will grow by increasing amounts. In 2032, the last year estimated in Biden&#8217;s budget, the debt will increase by $1.815 trillion.<\/p>\n<p>&#8220;The value is fiscal responsibility,&#8221; Biden told America when he released this budget.<\/p>\n<p>Anyone who actually looks at Biden&#8217;s budget proposal, which is posted on the White House website, will know this is not true.<\/p>\n<p>As of March 29, the day after Biden released his proposal, the U.S. population is 332,589,749, according to the Census Bureau. Biden&#8217;s plan to increase the federal debt held by the public by $15.738 trillion would add approximately $47,320 in debt on behalf of every person now living in this country.<\/p>\n<p>The total federal debt held by the public of $39,542,000,000,000 that Biden now projects for 2032 would equal approximately $181,891 for each of the 332,589,749 people now living in the country.<\/p>\n<p>That also would be approximately $250,707 for each of the 157,722,000 people in the United States who, according to the Bureau of Labor Statistics, actually had a job as of February of this year.<\/p>\n<p>And it would equal approximately $300,002 for each of the 131,806,000 who worked full-time in February.<\/p>\n<p>According to Zillow, the value of a typical home in the United States in January 2021, when Biden took office, was $272,000. (It has now increased to $331,533). <\/p>\n<p>According to Harvard University&#8217;s website, the 2021-22 school year there will cost a student approximately $74,528 for tuition, fees, board and room. At that rate, four full years at Harvard would cost $298,112.<\/p>\n<p>In other words, under Biden&#8217;s budget projections, in just 10 years the share of the federal debt per the current number of full-time workers in this country will be approximately equivalent to the current cost of a typical American home or a Harvard education. <\/p>\n<p>Terence P. Jeffrey is the editor-in-chief of CNSnews.com. To find out more about him, visit the Creators Syndicate webpage at www.creators.com. <\/p>\n<p itemprop=\"imageCaption\"><small>Photo credit: <a href=\"https:\/\/pixabay.com\/goto\/4003779\/\" rel=\"external noopener\" target=\"_blank\">Sandra-Gabriel<\/a> at Pixabay<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Show me your budget, and I&#8217;ll tell you what you value.&#8221; When releasing his fiscal 2023 budget proposal on Monday, President Joe Biden said this was something his father had<\/p>\n","protected":false},"author":505,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1412052","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1412052","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/505"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1412052"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1412052\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1412052"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1412052"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1412052"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}