Call him President \u200cBuyin\u2019.<\/strong> As the White House credits President Joe Biden for maintaining\u200c his commitment to \u201cfiscal responsibility,\u201d the federal deficit will rise from $1 trillion in 2022 to \u2064$2 trillion in \u200b2023.<\/p>\n

His White House is anytime money and has the fiscal record to prove it.\u202f If there is one constant in this most inconstant of administrations, it is their predilection for spending.\u202fThere is no problem so small that massive amounts of money cannot be thrown at it, \u200dand no problem so large that\u200d even more cannot fix it. <\/p>\n

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On March 9,\u2063 the Biden \u2064administration issued the ultimate in chutzpah.\u202fClaiming Biden was \u200cdelivering on his commitment to fiscal responsibility, the White House stated<\/a>: \u201cBecause of the strength \u200cof the\u2063 recovery and responsible winding down\u2062 of emergency programs, the deficit fell by $1.7 trillion<\/a> in the first\u200b two years of the Biden-Harris\u200b Administration.\u201d<\/p>\n
Of course, it conveniently failed\u200c to mention that \u200dBiden accomplished this fiscal\u200d feat by cutting off the inflated budget baseline of the Covid-19 era.<\/p>\n
Just six months \u2063later, the Congressional Budget Office had stuck a pin into Biden\u2019s budget balloon.\u202fOn Sept. 11,\u2064 CBO wrote \u2063in its \u200b August \u200bMonthly Budget Review<\/a>: \u201cthe deficit is on track\u200c to double from $1.0 trillion\u2062 in \u200d2022 to $2.0 \u200btrillion in 2023.\u201d\u202f So much for\u202f\u201cdelivering on his commitment to fiscal responsibility.\u201d <\/p>\n
Looking back, the administration\u2019s braggadocio of six months \u2064ago \u2064seems the height of cynicism.\u202fThe president\u2019s estimators and spokespeople had to \u2063have known \u200bthis \u200cwas coming \u2014 that the evidence of fiscal failure was on the way, even as they raised a\u2062 fanfare.\u202fIt was tantamount to\u2062 an obese person putting one foot on the \u200bscale and \u2062claiming to have lost weight.\u202fYet\u2063 when you\u2062 know what a full measure will mean, you\u200b claim your victories whenever \u2064and\u2064 however you can concoct them.<\/p>\n
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Biden\u2019s abysmal \u2063deficit record is the result \u2062of \u200bhis astronomical \u200bspending. It is even more remarkable in light of the enormous growth in federal revenues since 2020 \u2014 thanks in large part to\u200d Republicans\u2019 pro-growth tax reform \u2064in 2017. <\/p>\n
First, let\u2019s look at the\u2062 spending.<\/strong>\u202f \u2062 According to CBO\u2019s February 2023 estimate<\/a>, the\u200d federal\u2063 government spent $6.554\u200b trillion in 2020, $6.822 trillion in 2021, and \u200d$6.271 trillion in 2022.\u202f Spending barely moved from its crisis peak, dropping a mere\u200c 4 percent during the time Democrats\u200d controlled Congress and the White House. <\/p>\n
Now, let\u2019s look\u2064 at federal\u200d revenues.<\/strong>\u202f According to CBO<\/a>, the federal government took in $3.421 trillion in \u20642020.\u202fFrom there they grew. In 2021, federal revenues shot up 18 percent \u2062to\u2064 $4.047 trillion. In \u200c2022, \u200cthey rose another 21 percent to $4.896 trillion.\u202fTogether these amount to a 43 percent \u2063increase over \u200b2020\u2019s total. <\/p>\n
So, while \u2062Democrats controlled all three legs of\u2064 the legislative stool \u2014 the presidency, \u200dthe\u200d House, and the Senate \u2014 spending\u200c barely budged while \u200drevenues exploded. And still \u201cthe deficit is on\u200b track to double from $1.0 trillion in 2022 to $2.0 trillion in 2023.\u201d<\/p>\n
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The magnitude of this \u2062failure is even \u200bclearer when you look past the administration\u2019s original false claim<\/a>.\u202fNotice that \u200bthey used the height of the \u200dCovid-19 catastrophe to measure their \u201cvictory.\u201d <\/p>\n
When your \u200chouse burns, you don\u2019t \u2063hire\u200c builders to simply make it better \u2063than when\u200d it\u200b was on fire. You hire \u2062them to return it to its original condition. Instead, the Biden administration wanted a round of applause for the house looking better \u2063than when it was aflame.<\/p>\n
The Biden administration\u2019s 2022 spending was 41 percent more than in 2019, when the federal government spent <\/a>.447 \u2063trillion.\u202f Its 2022 revenues were 41.4 \u200bpercent higher than the $3.463 trillion the federal government collected<\/a> in 2019.\u202f And its 2022 \u200ddeficit\u2063 was\u200d 40 percent higher\u2062 than the $984 billion\u2063 shortfall in 2019.<\/p>\n
Biden and company have been on a\u200d spending spree that only 2020\u2019s catastrophic numbers can make look photogenic.\u202fThe ultimate evidence is that federal debt increased<\/a> about 16 percent in the two\u200c years after 2020.\u202f\u2063 This does not \u200dcount the additional debt that CBO projects will come in this fiscal year\u2019s final tally.\u202f <\/p>\n
Nor does it count all the additional spending the\u200b administration sought in its Build Back Better (Big Budget Buster) \u200bproposal.\u202f And it does not count all the additional spending promises that Biden will wheel out in his \u200bbid \u200dto\u200d buy his way back into office next year. <\/p>\n
This\u200b is a \u201csay something,\u201d \u201cdo anything,\u201d and \u201cspend everything\u201d administration.\u202f And it has the \u200cfiscal failure to prove it. <\/p>\n
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\t\t\t\t\t \t\t\t\t\t\t\t\t\t<\/div>\n
rnrn <\/p>\n
What evidence is there to support the assertion \u200cthat the Biden administration has a predilection for spending, regardless \u200bof the impact it may\u200c have on the federal deficit?<\/h2>\n
N\u2062 in\u2064 \u200d2022 to $2.0 trillion in 2023,” \u2064as stated by \u2063the Congressional Budget Office.<\/p>\n
President Biden’s\u2063 claim of fiscal responsibility \u200dseems to be \u200dcontradicted by the skyrocketing federal deficit under his administration. The White House conveniently \u2062failed to mention that this decrease \u2063in the\u2062 deficit was \u2063achieved\u200c by cutting \u2062off the inflated budget baseline\u200d of the Covid-19 era. It is evident that the \u2064Biden administration has a predilection for \u2062spending, with no problem being too small\u200d to throw massive amounts of money at.<\/p>\n
The Biden-Harris Administration’s announcement of reducing the deficit by\u2062 $1.7 trillion in the first two years seems like a boastful claim in light of the CBO’s prediction that the deficit will double to $2.0 trillion in 2023. \u200cThe evidence of fiscal failure was on the horizon, yet the administration\u2064 chose to ignore it and celebrate their supposed victories.<\/p>\n
This miserable deficit record \u200dcan be attributed to President Biden’s astronomical spending. Despite the significant growth \u2062in federal revenues since 2020, thanks to the pro-growth tax reform implemented<\/a> by Republicans in 2017, the spending has remained excessive.<\/p>\n
Looking at the spending \u200bfigures provided by the Congressional Budget Office, it is clear\u2062 that the federal government’s spending barely decreased from its crisis peak. Despite Democrats controlling Congress and the White\u2062 House, spending only dropped \u2064by a mere 4 percent.<\/p>\n
On the other hand, federal revenues experienced substantial growth. From \u20632020 to<\/p>\n","protected":false},"excerpt":{"rendered":"
Call him President Buyin\u2019. The White House hails President Joe Biden’s dedication to “fiscal responsibility,” but the federal deficit will double from $1 trillion in 2022 to $2 trillion in 2023. His administration’s spending habits speak volumes about their financial approach.<\/p>\n","protected":false},"author":2425,"featured_media":2044723,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[546],"tags":[],"class_list":["post-2044722","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-federalist"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2044722","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\/2425"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2044722"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2044722\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2044723"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2044722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2044722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2044722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}