You know it’s getting bad when even liberal Twitter flags a Democrat like President Joe Biden for making a false claim about saving taxpayers money.
Democrats are desperately trying to pivot away from an impending electoral loss, and their leaders aren’t afraid to lie and spin about economic issues.
“Republicans are always talking about the deficit,” Biden tweeted. “Well, guess what? The last guy increased the debt with tax cuts for big corporations. Not a penny of it was paid for. This year, we’ve reduced the deficit by more than $1 trillion.”
This whopper was so bad that even Twitter slapped a label on Biden’s claim, with links to a Politifact and PBS articles with a warning, “While that number is factually correct, it’s lacking some context. Most of the drop is because of the recovery from COVID, and the government spending during that time coming to an end. There’s no indication that any policies have specifically targeted the deficit.”
Biden leaves out that the deficit was projected to fall by much more if he and his Democrat colleagues hadn’t meddled. As The Washington Post’s Glenn Kessler reports:
The Congressional Budget Office, the official scorekeeper, in February 2021 estimated the budget deficit would fall dramatically in fiscal 2021 and 2022 because emergency pandemic spending would lapse. Budget deficits would be high in both years, but the red ink would begin to shrink.
When Biden says he cut the deficit by $350 billion in 2021, that’s a real number. In its latest report, the CBO says the figure is $360 billion.
But here’s the shell game.
Before Biden took office, CBO said in its early 2021 projection that the budget deficit was expected to decline $875 billion in 2021. But then Biden enacted additional covid relief funds and other new policies, resulting in the more modest decline of $360 billion.
The budget deficit was expected to fall even more in 2022, and it has under Biden. But the combined 2021 and 2022 budget deficits were projected by CBO to be $3.31 trillion. Now, CBO says they will be $3.81 trillion.
In other words, Biden is bragging about reducing budget deficits even as he increased the national debt about $500 billion more than originally projected.
Kessler notes that a recent analysis by the Committee for a Responsible Federal Budget (CRFB) showed that Biden’s regime borrowed an additional $4.8 trillion for the 2021-2031 period.
“This $4.8 trillion is the net result of roughly $4.6 trillion of new spending, roughly $500 billion of tax cuts and breaks, and $700 billion in additional interest costs, partially offset by $400 billion of spending cuts and $600 billion of revenue-increasing policies,” CRFB reported.
Under Biden, the U.S. national debt has reached a record $30 trillion. If we don’t stop our binge spending in its tracks, America won’t be prepared for the next real emergency. We won’t have much extra room before we get downgraded and everything gets more expensive because our interest rate for U.S. sovereign borrowing spikes. It’s the exact opposite of what we need during this unprecedented inflation craze.
Democrat Bernie Sanders, the socialist chair of the Senate Budget Committee, is also trying to spin his party’s prospects heading into November, claiming in a recent op-ed that “Democrats shouldn’t focus only on abortion in the midterms. That’s a mistake … America has long faced structural economic crises. Democrats must win on the economy and present a pro-worker agenda.”
Sanders is deluding himself. There is nothing pro-worker about policies that create sky high inflation that ravages any mitigating pay increase. America has suffered a massive pay cut under the Biden regime, and the stock market nosedive under Democrats watch has evaporated trillions of dollars and U.S. household wealth.
Democrats heading into the election may continue to trot out this false idea that Biden and his Capitol Hill compatriots are saving Americans money and care about American workers. Don’t buy the lie.