Biden the king of debt and deficits
Imagine that someone close to you has a drinking problem. Night after night, he hits bars for binge eating, drinking 10 to 12 beers a night. But then, in a supreme effort to reform himself, the drunk reduces his drinking to a six-pack every night.
He begins to brag about his incredible self-control and good behavior.
It’s analogous to President Joe Biden’s grand story that he’s one of the greatest role models of modern-day fiscal responsibility. Here is Biden on Oct. 21 discussing his budget record at a White House event.
“Today my administration announced that this year the deficit has fallen by $1.4 trillion – the largest one-year decline in American history.”
Talk about putting lipstick on a pig. Biden’s administration led the federal government to spend and borrow more money in his first 20 months in the White House than any other president in history. No one else comes close to his record of tax recklessness.
Biden is not even halfway through his presidential term, and he has already signed into law federal spending over the next decade that will exceed $4 trillion.
Biden has already added just under an additional $900 billion to the federal appropriation in 2020 and 2021. If Biden had simply done nothing and spent his afternoons playing Scrabble with first lady Jill Biden in office oval, our national debt burden would be much lower. .
Instead, Biden took office, and even though Trump, in his final weeks with Congress, signed into law a $1 trillion COVID-19 relief bill that hadn’t even been spent yet. , Biden called his $1.9 trillion US bailout. It was just a massive bailout of blue states that had shut down their businesses for almost a year.
Then came another trillion dollars for the fraudulent “infrastructure bill,” which was really the Green New Deal in disguise. It was then followed by a $600 billion corporate welfare bill for microchip makers, followed by efforts by the Biden administration to bail out student borrowers to the tune of $500 billion.
Congratulations. No doubt our great-grandchildren will hold you in high esteem, Joe, when they learn that the tax bills that will be billed to them 50 years from now will be used to pay for Biden’s budget madness.
The official longer-term forecast is even uglier.
Thanks to Biden’s spending blitz, the debt over the next decade will be bigger every year with almost $5 trillion added — more than we spent fighting World War II.
The Biden White House justifies the borrowing blast by saying it inherited a plummeting economy. Not exactly. In the second half of 2020, the six months before Trump left, the economy jumped more than 20%. So far this year, the economy has grown by a blistering 0.08% in nine months. That’s the real disaster here, not what Biden inherited.
The total amount of spending cuts to offset Biden’s budget blitzkrieg amounts to a fat zero. Nothing is paid. It’s all debt.
Biden has turned the Potomac River into a sea of red ink. But of course, he is the No. 1 deficit cutter of our time.
Stephen Moore is a senior researcher at the Heritage Foundation