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Home Front: Politix
How Biden has spun the $1.4 trillion reduction in the deficit while he has INCREASED spending: 'Historic' drop he says is proof his policies are working has been sparked by the end COVID relief
2022-10-25
  • Joe Biden is spinning economic victory out of the $1.4 trillion reduction of the national deficit

  • Deficit drop actually came with the ending of covid relief funding

  • The Committee for a Responsible Federal Budget found that 'over 100 percent [of the deficit reduction] was the result of shrinking or expiring COVID relief'
    At least that piece is happening, which is better than continuing as they were, making things slightly less horrible.
  • Biden is actually increasing government spending

  • His student loan forgiveness program 'is the single largest contributing cost to the FY2022 deficit totaling $379 billion,' the Bipartisan Policy Center found
    • Related:
    National deficit: 2019-11-13 Mark Sanford Ends Long Shot Campaign for President
    National deficit: 2012-11-04 FEMA may not have enough for flood damages
    National deficit: 2012-06-30 Romney vows to repeal US health reforms if elected
    Related:
    Student loan forgiveness: 2022-09-14 CNBC's Rick Santelli blames Biden spending for high inflation
    Student loan forgiveness: 2022-09-10 Woes Pile up for Stacey Abrams, Raphael Warnock as Georgia Election Picture Comes Into Focus
    Student loan forgiveness: 2022-09-09 The Dark Brandon rises
    Posted by:Skidmark

    #2  Deficit in 2019 was about $1T

    Deficit in 2020 was about $3T ($2T for CARES Act signed by Trump)

    Deficit in 2021 was about $2.8 T (about $2T for American Rescue Plan - Biden)

    Deficit in 2022 is not really known but almost certainly over $1T with at least $10B for the CHIPS act, at least $20B for Inflation Reduction Act and, if he gets away with it, about $40B for Student Debt Bailout in that FY but with each of these comes huge outlays in future years to 2040)
    Posted by: Lord Garth   2022-10-25 12:44  

    #1  I feel like we collectively landed on Park Place and Boardwalk and are paying the hotel rate for both.
    Posted by: Super Hose   2022-10-25 10:25  

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